<SEC-DOCUMENT>0001023512-20-000007.txt : 20200521
<SEC-HEADER>0001023512-20-000007.hdr.sgml : 20200521
<ACCEPTANCE-DATETIME>20200403123423
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001023512-20-000007
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200403

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DRDGOLD LTD
		CENTRAL INDEX KEY:			0001023512
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		45 EMPIRE ROAD
		STREET 2:		PARKTOWN
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			2193
		BUSINESS PHONE:		27113817800

	MAIL ADDRESS:	
		STREET 1:		PO BOX 390
		STREET 2:		MARAISBURG
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			1700

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DURBAN ROODEPOORT DEEP LTD
		DATE OF NAME CHANGE:	19960924
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 225.65pt right 451.3pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;">DRDG</font><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:11.0pt;layout-grid-mode:char;">OLD&nbsp;</font><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;"> Limited</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;">1
Sixty Jan Smuts Building</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;">2nd
Floor - North Tower</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;">160
Jan Smuts Avenue</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;">Rosebank,
2196, South Africa</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:11.15pt;vertical-align:baseline;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;line-height:10.6pt;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:11.15pt;vertical-align:baseline;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;line-height:10.6pt;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:11.15pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;line-height:10.6pt;">U.S. Securities and
Exchange Commission</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:.2pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;line-height:10.35pt;">Division
of Corporation Finance</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:.4pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;line-height:10.15pt;">Office
of Energy and Transportation</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:.6pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.35pt;line-height:10.4pt;">100
F Street, N.E. Mall Stop 46213</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:.4pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;line-height:10.35pt;">Washington,
D.C. 20549-4628</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:50.4pt;margin-right:0cm;margin-top:11.55pt;text-indent:-50.4pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:11.1pt;">Attention:
Mr. Mark Wojciechowski <br>
Ms. Jenifer Gallagher</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:288.0pt;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:char;">April
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:char;">3</font><font color=black face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:char;">, 2020</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:12.4pt;text-indent:36.0pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:10.35pt;">Re:&#160;&#160;&#160;&#160;&#160;&#160; Staff's
comment letter dated March 9, 2020 regarding</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;">DRDG</font><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:11.0pt;layout-grid-mode:char;">OLD </font><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;">Limited&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;">Form
20-F for the Fiscal Year Ended June 30, 201</font><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:11.0pt;layout-grid-mode:char;">9&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;">Filed
October 31, 201</font><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:11.0pt;layout-grid-mode:char;">9&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;">File
No. 001-35387</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:char;">Dear Mr. Wojciechowski and Ms.
Gallagher,</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p align=left style="margin-bottom:11.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:72.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">In this letter we are setting forth the response of DRDGOLD Limited (the
&#8220;Group&#8221;) or (&#8220;DRDGOLD&#8221;) to the comment received from the staff of the Division
of Corporate Finance (the &#8220;Staff&#8221;) of the Securities and Exchange Commission by
letter to Mr. Riaan Davel, dated March 9, 2020 (the &#8220;Comment Letter&#8221;), relating
to the Company&#8217;s Annual Report on Form 20-F for the fiscal year ended June 30,
2019 (the &#8220;Annual Report&#8221;).&#160; For your convenience we have repeated, in
italicized text, the Staff&#8217;s comment as set forth in the Comment Letter.&#160; The
Company&#8217;s response to the comment is set forth immediately below the text of
the Staff&#8217;s comment.</font></p>

<p align=left style="margin-bottom:11.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:0cm;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Comment:</font></u></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;">Form 20-F for the Fiscal Year
Ended June 30, 201</font></i><i><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:11.0pt;layout-grid-mode:char;">9&nbsp;</font></i><i><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;layout-grid-mode:char;"> filed October 31, 201</font></i><i><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:11.0pt;layout-grid-mode:char;">9&nbsp;</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:11.0pt;layout-grid-mode:char;">Financial statements</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:11.0pt;layout-grid-mode:char;">Note 26 Contingent Assets and
Liabilities</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:11.0pt;layout-grid-mode:char;">Ekurhuleni Metropolitan
Municipality (&#8220;Municipality&#8221;) Electricity Tariff Dispute, page 124</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:char;">&nbsp;</font></i></p>

<p style="margin-bottom:11.0pt;margin-left:0cm;margin-right:0cm;margin-top:9.4pt;text-align:justify;text-indent:0cm;"><i><font color=black face="Times New Roman,serif" lang=X-NONE style="font-size:11.0pt;">1. </font></i><font style="position:relative;top:-.5pt;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">We note you are currently
engaged in a legal dispute with Ekurhuleni Metropolitan</font></i></font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&#160;Municipality (Municipality) relating to tariffs they
have charged for electricity supplied </font></i><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;">by </font></i><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">ESKOM
Holdings SOC Limited. We understand that in December of 2014 you began
depositing the disputed tariffs into a trust </font></i><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&lt;/BCLPAGE&gt;</font></font><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">1</DIV>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 225.65pt right 451.3pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:11.0pt;margin-left:0cm;margin-right:0cm;margin-top:9.4pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">account
rather than paying the Municipality, and that this practice continued until
January 2018, when you were required to pay the tariffs held in arrears to the
Municipality, in advance of settling the dispute.&#160; Further, we note that in
2018 you began accounting for the disputed portion of the tariffs differently,
by recording the disputed portion of the payments as an asset on a discounted
basis.</font></i></p>

<p style="margin-bottom:11.0pt;margin-left:0cm;margin-right:7.65pt;margin-top:10.8pt;text-align:justify;text-indent:0cm;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:103%;">Please provide us with a roll-forward
schedule covering each period and all disputed tariffs to illustrate the
effects of your accounting in the financial statements. Please indicate the
fiscal periods to which the amounts are attributable according to the
Municipality, as well as the expense recognized, extent of any payments,
amounts you are seeking to recover, and any provisions recognized in accordance
with IAS 37.</font></i></p>

<p style="margin-bottom:11.0pt;margin-left:0cm;margin-right:10.3pt;margin-top:10.45pt;text-align:justify;text-indent:0cm;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:103%;">Please reconcile these details with
the information you have disclosed in Notes 13, 22, 25 and 26 of the financial
statements and tell us how you considered paragraphs 31 through 35 of IAS 37 in
recognizing the asset, Payments made under protest.</font></i></p>

<p align=left style="margin-bottom:11.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:0cm;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Response: </font></u></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">The
letter is accompanied by annexures 1.1 and 1.2 containing the following
information: </font></u></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">Annexure
1.1:</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">Extract
of disclosure in the relevant notes of the Group&#8217;s financial statements</font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;"> &nbsp;</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">Annexure
1.2</font></i></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font face=Symbol lang=EN-US style="font-size:11.0pt;line-height:10.35pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:10.35pt;">A rollforward schedule covering
periods between each event of the Main Application (as described in the Annual
Report); and </font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font face=Symbol lang=EN-US style="font-size:11.0pt;line-height:10.35pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:10.35pt;">for each fiscal period, an
indication of the amounts claimed by <a name="_Hlk36227061"></a>the City of
Ekurhuleni Metropolitan Municipality (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:10.35pt;">Municipality</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:10.35pt;">&#8221;), as well as
the expense recognized by the Group, extent of any payments by the Group, and
the amounts which the Group is seeking to recover for each fiscal period</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:10.35pt;">There have been no provisions
recognized in accordance with IAS 37 in any of the fiscal years covering this
dispute.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">Consideration
of paragraphs 31 through 35 of IAS 37 in recognizing the asset, &#8220;Payments made
under protest&#8221; </font></u></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">DRDGOLD
considered whether or not the Payments made under protest met the definition of
a contingent asset under paragraph 10 of IAS 37 which states that &#8220;</font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">a contingent
asset is a possible asset that arises from past events and whose existence will
be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the entity</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">.&#8221;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">In
making this assessment, the management of DRDGOLD considered the outcome in the
IFRS Interpretations Committee (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">IFRIC</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#8221;) agenda decision &#8211; Deposits
relating to taxes other than income tax (IAS 37 Provisions, Contingent
Liabilities and Contingent Assets) (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">IFRIC Agenda Decision</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#8221;) published
in January 2019. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">IFRIC
agenda decisions often include information to help companies apply International
Financial Reporting Standards (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">IFRS</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#8221;). They do so by explaining how the
applicable principles and requirements in IFRS apply to the question submitted.
The objective of including explanatory material in agenda decisions is to
improve consistency in the application of IFRS. Therefore, even though this IFRIC
Agenda Decision was reached in the fiscal year after DRDGOLD&#8217;s management </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 225.65pt right 451.3pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">had made its accounting assessment as to the accounting
treatment of the Payments made under protest, this decision further
strengthened management&#8217;s assessment of recognizing an asset. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">The
fact pattern presented in the IFRIC Agenda Decision is as follows: </font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">an
entity and tax authority are in dispute on a particular tax outside the scope
of IAS 12 </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">Income Taxes;</font></i></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">any
liability or contingent liability to pay the tax is instead within the scope of
IAS 37;</font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">the
entity judged that it is probable that it will not be required to pay the tax
i.e. it is more likely than not that the dispute will be resolved in its favor;</font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">applying
IAS 37, the entity discloses a contingent liability to pay the tax and does not
recognize a liability; </font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">to
avoid possible penalties, the entity has deposited the disputed amount with the
tax authority; and </font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">upon
resolution, the tax authority will be required to either refund the tax to the
entity (if the dispute is resolved in the entity&#8217;s favor) or use the deposit to
settle the entity&#8217;s liability (if the dispute is resolved in the tax
authority&#8217;s favor)</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">This
fact pattern is similar to that of DRDGOLD: </font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">DRDGOLD
and the Municipality are in dispute as DRDGOLD contends the following: </font></p>

<p style="margin-bottom:.0001pt;margin-left:49.65pt;margin-right:0cm;margin-top:16.6pt;text-indent:-14.2pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">that
the Municipality does not supply electricity to DRDGOLD from a supply main
within the meaning in the Municipality&#8217;s By Laws of 2002, enacted through
Council Resolution MI195/2001;</font></p>

<p style="margin-bottom:.0001pt;margin-left:49.65pt;margin-right:0cm;margin-top:16.6pt;text-indent:-14.2pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#8220;supply
main&#8221; means any cable or wire forming that forms part of the Council&#8217;s
electrical distribution system to which service connection may be connected;</font></p>

<p style="margin-bottom:.0001pt;margin-left:49.65pt;margin-right:0cm;margin-top:16.6pt;text-indent:-14.2pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">DRDGOLD
instead draws its electricity feed from Eskom Holdings SOC Limited&#8217;s (&#8220;Eskom&#8221;)
Ergo Central Substation;</font></p>

<p style="margin-bottom:.0001pt;margin-left:49.65pt;margin-right:0cm;margin-top:16.6pt;text-indent:-14.2pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">the
Municipality, therefore, is not authorized to charge DRDGOLD according to the
Municipal tariffs (which are at a surcharge to the Eskom Megaflex tariff).
These surcharges are deemed inconsistent with the provisions of the Local
Government Municipal Systems Act;</font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">Management
has assessed that DRDGOLD is not liable to pay the amounts claimed by the
Municipality in excess of the Eskom Megaflex tariff based on the following:</font></p>

<p style="margin-bottom:.0001pt;margin-left:49.65pt;margin-right:0cm;margin-top:16.6pt;text-indent:-14.2pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">sufficient
investigations have been performed which show that the Municipality does not
supply electricity to DRDGOLD or in any manner add value to Eskom&#8217;s supply of
electricity to DRDGOLD;</font></p>

<p style="margin-bottom:.0001pt;margin-left:49.65pt;margin-right:0cm;margin-top:16.6pt;text-indent:-14.2pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">management
and external legal counsel considered the ruling in the NCP case (NCP Chlorchem
(Pty) Ltd v National Energy Regulator and others (49608/2012) &#8211; this included
the Municipality and Eskom Holdings SOC Limited) which is a similar case (i.e.
dispute of &#8220;supply&#8221; as well as irregular and significant charges imposed by the
Municipality) in which NCP was successful;</font></p>

<p style="margin-bottom:.0001pt;margin-left:49.65pt;margin-right:0cm;margin-top:16.6pt;text-indent:-14.2pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">management&#8217;s
assessment is supported by external legal counsel who noted that there is a
high probability that DRDGOLD will be successful; and </font></p>

<p style="margin-bottom:.0001pt;margin-left:49.65pt;margin-right:0cm;margin-top:16.6pt;text-indent:-14.2pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">therefore,
there is no present obligation as a result of a past event to pay the amounts
claimed by the Municipality;&#160; </font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">based
on the above, management has assessed that&#160; it is probable that DRDGOLD will
not be required to pay for the electricity at the tariffs imposed by the
Municipality, i.e. it is more likely than not that the dispute will be resolved
in DRDGOLD&#8217;s favor;</font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">applying
IAS 37, DRDGOLD discloses a contingent liability to pay the surcharge but does
not recognize a liability because DRDGOLD does not have a present obligation
(legal or constructive) as a result of a past event, as described above; </font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">to
avoid possible discontinuation of electricity supply; DRDGOLD has made payments
under protest and without prejudice and/or admission of liability to the
Municipality; and&#160; </font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:16.6pt;text-indent:-18.0pt;vertical-align:baseline;"><font color=black face=Symbol lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;line-height:10.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">upon
resolution, if the dispute is resolved in DRDGOLD&#8217;s favor, the Municipality
will be required to either refund DRDGOLD the amounts paid under protest or
DRDGOLD can request for such payments to be applied to future liabilities for
other municipality charges. &#160;If the dispute is resolved in the Municipality&#8217;s
favor, the deposit can be used to settle DRDGOLD&#8217;s liability.</font></p>


<DIV bclFooter>


<p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&lt;/BCLPAGE&gt;</font></font><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">3</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_4"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 225.65pt right 451.3pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">Based on this similar fact pattern, management concluded
that the accounting literature in the IFRIC Agenda Decision contains relevant
considerations applicable to the Payments made under protest. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">The IFRIC
Committee considered whether the tax deposits made by the entity, gives rise to
an asset, a contingent asset or neither. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">The IFRIC Committee
observed the following: </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">&#8220;</font></u><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">The Committee observed
that if the </font></i><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">tax deposit gives rise to an asset</font></i></b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">, that asset may not be
clearly within the scope of any IFRS Standard. Furthermore, the Committee
concluded that no IFRS Standard deals with issues similar or related to the
issue that arises in assessing whether the right arising from the tax deposit
meets the definition of an asset. Accordingly, applying paragraphs 10-11 of IAS
8 Accounting Policies, Changes in Accounting Estimates and Errors, the
Committee referred to the two definitions of an asset in IFRS literature &#8211;
definition in the Conceptual Framework for Financial Reporting issued in March
2018 and the definition in the previous Conceptual Framework that was in place
when many existing IFRS Standards were developed. The Committee concluded that
the right arising from the tax deposit meets either of those definitions. The
tax deposit gives the entity a right to obtain future economic benefits, either
by receiving a cash refund or by using the payment to settle the tax liability.
The nature of the tax deposit &#8211; whether voluntary or required- does not affect
this right and therefore does not affect the conclusion that there is an asset.
</font></i><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">The right is not a contingent asset as defined by IAS 37 because it is an
asset, and not a possible asset, of the entity</font></i></b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">.&#8221; </font></i><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">(emphasis added)</font></i></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Analyzing
the Conceptual Framework definition of an asset: An asset is: </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">1.</font></i><i><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></i><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">A present economic resource
controlled by the entity </font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">In
addition to the application of the IFRIC Agenda Decision above, management
considered that the payments to the Municipality were made under protest and
without prejudice or admission of liability.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">In
this regard it is noted that, in respect of (i) the first R25 million payment
to the Municipality from restricted cash and cash equivalents in February 2018,
a letter from the Group&#8217;s attorneys was given to the Municipality&#8217;s attorney
which stated &#8220;</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">We record that this transfer will be made under protest and
subject to our client&#8217;s right to recover this amount, with interest at the
prescribed rate, if it is successful in its pending application against your
client&#8230;&#8230;&#8230;</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&#8221; and (ii) the subsequent monthly payments, a letter from the
Group&#8217;s attorneys was given to the Municipality&#8217;s attorney which stated &#8220;</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Pending
finalisation of our client&#8217;s application, it will pay monthly to your client, under
protest, the amount calculated at tariff J in respect of its electricity
consumption at the ERGO plant</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&#8221;.&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Such
payments were made not as settlement of debt or recognition of expenditure. The
letter from DRDGOLD&#8217;s external legal counsel, accompanying the payments made
under protest, clearly indicated that such payments were subject to dispute and
that the Group retains the right to recover the payments.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">DRDGOLD
considered (also supported by external legal counsel) that it can direct the
use of the payments made under protest, either to obtain a refund from the
Municipality or set off the payments against other future Municipality charges.
In the event that DRDGOLD is unsuccessful in the dispute, the payments made
under protest will be used to settle the resultant liability to the
Municipality. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">2.</font></i><i><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></i><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">As a result of past events</font></i></p>

<p style="margin:0cm;margin-bottom:12.0pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">The past events were the payments to the Municipality made
under protest to avoid the risk of discontinuation of the electricity supply.</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 225.65pt right 451.3pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">3.</font></i><i><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></i><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">An economic resource is a right that has the potential
to produce economic benefits. </font></i></p>

<p style="margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">The
economic resource is DRDGOLD&#8217;s right (created by the attorney&#8217;s letter
accompanying the payments to the Municipality as stipulated in point 1 above) of
recovery of the payments made under protest or by using these payments to
settle the electricity charges by the Municipality (the economic benefits<a name="_Hlk36228016"></a>), in the event that DRDGOLD is unsuccessful in the dispute.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Management
also considered the asset definition in the previous Conceptual Framework which
states: </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&#8220;An
asset is a resource controlled by the entity as a result of past events from
which future economic benefits are expected to flow to the entity.&#8221;</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Management
concluded that the payments made under protest satisfy both the previous and
current asset definition under the Conceptual Frameworks. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">In
addition, the Conceptual Framework states that an asset can only be recognized
if it meets the recognition criteria as follows:</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">An
asset is recognized when it is probable that economic benefits will flow to the
entity and the asset has a cost or value that can be reliably measured.</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Management&#8217;s
assessment (as detailed in the fact pattern above) is that there are only two
possible outcomes of the dispute and that Payments made under protest cannot be
used by the Municipality for any other purpose. In summary, that the two
possible outcomes of the dispute are that either&#160; DRDGOLD recovers the Payments
made under protest (in the event that the dispute is resolved in DRDGOLD&#8217;s
favor) or the Payments made under protest will be used to settle DRDGOLD&#8217;s
liability (if the dispute is resolved in the Municipality&#8217;s favor). Therefore,
because these two outcomes will lead to economic benefits to DRDGOLD, and the
amounts can be reliably measured, the recognition criteria are met. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">The
nature of the payments made under protest, whether voluntary or required (in
the case of DRDGOLD was required to avoid possible discontinuation of
electricity supply), does not affect this right and therefore does not affect
the conclusion that there is an asset. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">The
right is not a contingent asset as defined in IAS 37 because it meets the
definition and recognition of an asset and is not a possible asset of DRDGOLD. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">In
the absence of specific guidance that applies to the Municipality surcharges
paid under protest, DRDGOLD applied paragraphs 10-11 of IAS 8 in developing an
accounting policy for the asset. Judgement was used in developing an accounting
policy that would lead to information that is relevant to the users of the
financial statements and that can be relied upon. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Management&#8217;s
developed accounting policy is as follows: </font></p>

<p style="margin-bottom:0cm;margin-left:41.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font face=Symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">DRDGOLD initially recognized the
Payments made under protest asset as a residual of the amount of the cash paid
less the amount of the liability under IAS 37 (nil in this case). This is
because the cash payment and the liability are integrally linked and in
management&#8217;s view, that measure would provide the most relevant information to
users. A discount is applied to the asset, using the discount rate equal to the
Municipality&#8217;s incremental cost of borrowing. This was assessed as a reasonable
and appropriate basis as it sufficiently addressed the credit risk associated
with the counterparty and the time value of money. The discount period used
represents management&#8217;s best estimate (supported by external legal counsel) of
the date of conclusion of the Main Application. Both the discount rate and
discount period are re-evaluated at reporting date; and</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 225.65pt right 451.3pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:41.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font face=Symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">the Payments made under protest
asset are subsequently measured using the effective interest rate method to
unwind the discounted amount to the original face value, less any subsequent
changes in estimate.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">This
assessment is further strengthened by the IFRIC Agenda Decision which states
the following: </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&#8220;The
Committee noted that the issues that need to be addressed
in developing and applying an accounting policy for the tax deposit may be
similar or related to those that arise for recognition, measurement,
presentation and disclosure of other monetary assets. If this is the case, the
entity&#8217;s management would refer to requirements in IFRS Standards dealing with
those issues for other monetary assets.&#8221;</font></i></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-top:16.6pt;vertical-align:baseline;"><a name="_Hlk36305883"></a><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:10.35pt;">After considering the IFRS literature and IFRIC Agenda
Decision as indicated, Management concluded that the Payments made
under protest to the
Municipality
is not a
contingent asset as it
meets the
definition
of an asset in the Conceptual
Framework.
</font></p>

<p align=left style="margin-bottom:11.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:0cm;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:11.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:0cm;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Should the Staff have any questions or
comments, please contact me on +27 11&nbsp;470 2600 or at </font><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">riaan.davel@drdgold.com</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">.&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:72.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:11.0pt;margin-left:180.0pt;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:72.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Sincerely,</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:72.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">/s/
Riaan Davel</font></u></p>

<p align=left style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:72.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:180.0pt;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:72.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Riaan Davel</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:180.0pt;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:72.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Chief Financial Officer</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:180.0pt;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:72.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:180.0pt;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:72.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:0cm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">cc:&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">DRDGOLD
Limited</font></i></p>

<p align=left style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Francois
Bouwer</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mpho
Mashatola</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:72.0pt;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></i></p>

<p align=left style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:36.0pt;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Skadden
Arps Slate Meagher &amp; Flom (UK) LLP</font></i></p>

<p align=left style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; James
McDonald</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Maria
Protopapa</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Encl.</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 225.65pt right 451.3pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
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  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Annexure 1.1</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">All
  amounts are presented in R'million</font></i></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Note 13 -
  Cash and cash equivalents </font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">2019</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">2018</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">2017</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">2016</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">2015</font></b></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">2014</font></b></p>
  </td>
 </tr>
<tr style="height:30.0pt;">
  <td valign=top width=42% style="height:30.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Disputed
  electricity tariff paid in cash into attorney's trust account and held in
  escrow</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">-</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">114.2</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">92.7</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">47.7</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">11.4</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:30.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">-</font></p>
  </td>
 </tr>
<tr style="height:63.0pt;">
  <td valign=top width=42% style="height:63.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Disputed
  electricity tariff paid in cash into attorney's trust account and held in
  escrow was released to DRDGOLD (refer annexure 1.2). This resulted in a nil
  balance as at 30 June 2019. </font></p>
  </td>
 <td nowrap valign=top width=10% style="height:63.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:63.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:63.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:63.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:63.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:63.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">2019</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Note 22 and
  Note 26</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:30.0pt;">
  <td valign=top width=42% style="height:30.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Amount of guarantee
  issued in favour of Ekurhuleni Metropolitan Municipality</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">125.0</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Note 25.1 -
  Payments made under protest</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">2019</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">2018</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Opening balance
  </font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">19.3</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">-</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Payment under
  protest asset - Initial R25 million </font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">-</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">22.5</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Refer annexure
  1.2</font></i></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Payment under
  protest asset - Subsequent monthly invoices</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">11.7</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">4.9</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Refer
  annexure 1.2</font></i></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:30.0pt;">
  <td valign=top width=42% style="height:30.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Finance expense
  (initial discount and change in estimate) - Also Note 8 in AFS</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">(6.5)</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">(8.8)</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:30.0pt;">
  <td valign=top width=42% style="height:30.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Finance income
  (unwinding of discount) - Also Note 7 in AFS</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:30.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">3.0</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:30.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">0.7</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:30.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td valign=top width=42% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Closing balance</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">27.5</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">19.3</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=top width=42% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=#00B050 face="Times New Roman,serif" style="font-size:11.0pt;">N1</font></i></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Note 26 -
  Contingent assets and liabilities </font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Refer to the
  2019 Form 20-F and details included in annexure 1.2 </font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=#00B050 face="Times New Roman,serif" style="font-size:11.0pt;">N1</font></i></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Amount per
  above </font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">27.5</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Amount per
  published financial statements</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">27.6</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=42% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">(0.1)</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=#00B050 face="Times New Roman,serif" style="font-size:11.0pt;">(Rounding
  difference) </font></i></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=8% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>











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<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Annexure 1.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">All
  amounts are presented in R'million</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="background:#BFBFBF;border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Dec-14</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=7 nowrap valign=top width=100% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- Date on
  which DRDGOLD files the Main Application contending that the Municipality
  does not supply electricity to DRDGOLD</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=7 nowrap valign=top width=100% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- DRDGOLD
  stops paying 100% of the Municipality invoice and starts paying the
  Municipality and expensing&#160; the invoice based on the Eskom Holdings SOC
  Limited (&quot;Eskom&quot;) Megaflex tariff rate</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=7 nowrap valign=top width=100% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- The
  difference is paid into an Attorney's Trust Account</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:85.5pt;">
  <td nowrap valign=bottom width=10% style="height:85.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=10% style="height:85.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Ekurhuleni Metropolitan Municipality
  (&quot;Municipality&quot;) Invoices</font></b></p>
  </td>
 <td valign=bottom width=10% style="height:85.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Eskom Holdings SOC Limited
  (&quot;Eskom&quot;) tariff. </font></b></p>
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">This is the same amount that is expensed
  </font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:85.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">J - Tariff</font></b></p>
  </td>
 <td valign=bottom width=10% style="height:85.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Payments made to the Municipality</font></b></p>
  </td>
 <td valign=bottom width=10% style="height:85.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Amount deposited to Attorney's Trust
  Account </font></b></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:85.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">28.3</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">17.0</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">N/A</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">17.0</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">11.3</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">0.1</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">interest
  earned on Trust Account </font></i></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">30-Jun-15</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">11.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Note 24-2015
  AFS</font></i></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">86.0</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">51.6</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">N/A</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">51.6</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">34.4</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">1.9</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">interest
  earned on Trust Account </font></i></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">30-Jun-16</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">47.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Note 23-2016
  AFS</font></i></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">101.0</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">60.6</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">N/A</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">60.6</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">40.4</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">4.6</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">interest
  earned on Trust Account </font></i></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">30-Jun-17</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">92.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Note 10-2017
  AFS</font></i></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">80.7</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">48.4</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">N/A</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">48.4</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">32.3</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="background:#BFBFBF;border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Feb-18</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">(25.2)</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">payment
  made under Protest in January 2018 (amount less Value Added Tax (VAT) = R
  22.5 mil - refer annexure 1.1)</font></i></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=5 nowrap valign=top width=50% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- Payment of R25.2 million is made, from attorney's trust
  account to the Municipality under protest and without prejudice and/or
  admission of liability </font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=#00B050 face="Times New Roman,serif" style="font-size:11.0pt;">N1</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=5 nowrap valign=top width=50% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- DRDGOLD
  raises a Payments made under protest asset regarding this R25.2 million
  payment</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=5 nowrap valign=top width=50% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- Notice of
  reduction in Tariffs to J-Tariff issued by Municipality to DRDGOLD</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=5 nowrap valign=top width=50% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;-
  Subsequently, Municipality continues invoicing DRDGOLD based on old tariffs</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=5 nowrap valign=top width=50% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- DRDGOLD pays
  the Municipality based on J-Tariffs under protest and without prejudice
  and/or admission of liability </font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=5 nowrap valign=top width=50% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- DRDGOLD
  recognises a Payment made under protest asset being the difference between
  J-Tariff it pays and Eskom tariff</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=5 nowrap valign=top width=50% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- DRDGOLD
  deposits difference between amounts per Municipality invoices less J-Tariff&#160;
  into Attorney's Trust Account </font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">7.4</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">interest
  earned on Trust Account </font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">37.7</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">27.1</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">30.7</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">30.7</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">7.0</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=#00B050 face="Times New Roman,serif" style="font-size:11.0pt;">N2.1</font></i></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="background:#BFBFBF;border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Apr-18</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=5 nowrap valign=top width=50% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- The
  Municipality starts to issue invoices to DRDGOLD based on J-Tariff</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=5 nowrap valign=top width=50% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- DRDGOLD
  continues to pay the Municipality based on J-Tariffs under protest and
  without prejudice and/or admission of liability </font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=5 nowrap valign=top width=50% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- DRDGOLD
  stops depositing amounts to the Attorney's Trust Account </font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=5 nowrap valign=top width=50% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;- DRDGOLD
  continues to recognise a Payment made under protest asset being the
  difference between J-Tariff and Eskom tariff</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">37.4</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">35.3</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">37.4</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">37.4</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">-</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=#00B050 face="Times New Roman,serif" style="font-size:11.0pt;">N2.2</font></i></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">30-Jun-18</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">114.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Note 10-2017
  AFS</font></i></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">134.6</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">121.1</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">134.6</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">134.6</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">-</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=#00B050 face="Times New Roman,serif" style="font-size:11.0pt;">N3</font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">4.6</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">interest
  earned on Trust Account </font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">(118.8)</font></i></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Trust
  Account monies released to DRDGOLD. Guarantee issued in favour of the
  Municipality </font></i></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">30-Jun-19</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=#00B050 face="Times New Roman,serif" style="font-size:11.0pt;">N1</font></i></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=7 valign=bottom width=100% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">R25.2 million calculated
  by management on amount of electricity charge from inception of the Main
  Application, had the charge been based on the J-Tariff</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=#00B050 face="Times New Roman,serif" style="font-size:11.0pt;">N2.1</font></i></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:17.1pt;">
  <td colspan=2 nowrap valign=bottom width=20% style="height:17.1pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Amount
  recognised as Payment under protest:</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:17.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:17.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:17.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:17.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:17.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">J-Tariff</font></p>
  </td>
 <td valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">30.7</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=2 valign=bottom width=20% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Eskom tariff </font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">27.1</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">3.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=#00B050 face="Times New Roman,serif" style="font-size:11.0pt;">N2.2</font></i></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=2 nowrap valign=bottom width=20% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Amount
  recognised as Payment under protest: </font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.1pt;">
  <td valign=bottom width=10% style="height:14.1pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">J-Tariff</font></p>
  </td>
 <td valign=bottom width=10% style="height:14.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:14.1pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">37.4</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:14.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:14.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:14.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:14.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=2 valign=bottom width=20% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Eskom tariff</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">35.3</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">2.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td colspan=2 nowrap valign=bottom width=20% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Additional
  Payment under protest for 30 June 2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">5.7</font></b></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=30% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">(Amount
  without VAT = R 4.9 mil - refer Annexure 1.1)</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=#00B050 face="Times New Roman,serif" style="font-size:11.0pt;">N3</font></i></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=2 nowrap valign=bottom width=20% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Amount
  recognised as Payment under protest: </font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td valign=bottom width=10% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">J-Tariff</font></p>
  </td>
 <td valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">134.6</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=2 valign=bottom width=20% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Eskom tariff</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">121.1</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:15.0pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">13.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td colspan=2 nowrap valign=bottom width=20% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">Additional
  Payment under protest for 30 June 2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.75pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">13.5</font></b></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=30% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><i><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">(Amount
  without VAT = R 11.7 mil - refer Annexure 1.1)</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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