In compliance with paragraph 3.59(c) of the JSE Limited Listings Requirements, the board of directors of R&E hereby notifies its shareholders of the resignation of Mr. DC Kovarsky as the chairman of the remuneration committee. Notwithstanding the resignation of Mr. DC Kovarsky as chairman of the remuneration committee, he will remain a member of the remuneration committee.

Shareholders are further advised that Mr. JH Scholes has been appointed as the new chairman of the remuneration committee.

The effective date of the aforementioned changes is 05 August 2013.

Johannesburg
08 August 2013
Sponsor
PSG Capital

Reviewed results for the six months ended 30 June 2013 COMMENTARY TO THE CONDENSED CONSOLIDATED REVIEWED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

General
The board of R&E is pleased to announce the interim results for the six months ended 30 June 2013.

Income
The majority of the income recognised in the period under review derived from the settlement of a legal claim, profit realised on the disposal of prospecting rights and finance income.

Financial position
R&E is liquid with no interest-bearing debt. R&E’s total assets consist primarily of cash. R&E has a net asset value per share of R2.69 at 30 June 2013 (which represents an increase of 8.5% from 30 June 2012).

Cash flow
R&E started the period under review with a cash balance of R214 million. Operating activities generated cash of R15.3 million, primarily as a result of the settlement of a legal claim of R19.5 million and interest received of R5.4 million against operating expenses of R14.6 million (which included legal and forensic costs of R8.9 million).

Investing activities yielded cash inflows of R1.5 million received from the sale of prospecting rights.

R&E remains in a healthy cash position with R231 million in cash and cash equivalents at 30 June 2013.

Outlook
The outlook for 2013 is similar to that for the previous year. Expenditure on litigation is expected to be at a similar level, which is likely to prevail until
the claims the company has initiated have been are finalised. Management will continue to focus on reducing the operational costs of its operations where possible
and to maintain liquidity.

David Kovarsky
Chairman
Marais Steyn
Chief Executive Officer
Johannesburg
8 August 2013

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
1. Reporting entity

R&E is a company domiciled and incorporated in the Republic of South Africa. The condensed consolidated interim financial statements of the company for the six
months ended 30 June 2013 include the company and its subsidiaries (together referred to as the “group”).

2. Statement of compliance

The condensed consolidated reviewed interim financial statements are prepared and presented in accordance with International Financial Reporting Standards, which include International Accounting Standard (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and the requirements of the Companies Act of South Africa (Act 71 of 2008). These condensed consolidated interim financial statements were approved by the board of directors on 5 August 2013.

Mr Van Zyl Botha CA(SA), the financial director of R&E, is responsible for these interim financial statements and has supervised the preparation thereof.

3. Significant accounting policies

The accounting policies applied by the group in these condensed consolidated interim financial statements are the same as those applied by the group in its consolidated financial statements for the year ended 31 December 2012.

4. Independent review by the auditor

The condensed consolidated interim financial statements of R&E for the six months ended 30 June 2013 have been reviewed by the company’s auditor, KPMG Inc. In their review report dated 5 August 2013, which is available for inspection at the company’s registered office, KPMG Inc state that their review was conducted in accordance with the International Standard on Review Engagements 2410, Review of Interim Information Performed by the Independent Auditor of the Entity, and have expressed an unmodified conclusion on the condensed consolidated interim financial statements.

5. Segment reporting

The group operates in a single operating segment as an investment holding company with assets in the mining industry.

6. Profit on disposal of prospecting rights

R&E disposed of certain of its prospecting rights which had a R0.4 million carrying value for R1.5 million.

7. Recoveries

R&E concluded a settlement agreement with Mr Paul Main on 23 March 2012 in terms of which USD4 million was payable by Mr Main to R&E. The settlement relates to the group’s claim against him for damages in respect of 2 million Randgold Resources Limited shares. Shareholders are referred to the announcements made by the company on 30 May 2013 relating to this settlement. R&E recognised the final payment of R22 million received in cash during June 2013.

8. Earnings per share

9. Net asset and tangible net asset value per share

The net asset value per share is calculated using the following variables:

The number of shares outstanding at 30 June 2013 and 30 June 2012 has been adjusted for the 2,999,893 treasury shares held.

10. Material changes

The final settlement received from Mr Paul Main is material in its totality.

11. Related party transactions

There were no related party transactions during the period under review other than in the normal course of business, i.e. key management remuneration.

12. Events after reporting date

There were no significant events between the reporting date and the approval date of these results.

Directors: DC Kovarsky (Chairman)**, M Steyn (CEO)*, V Botha*, P Burton#**, JH Scholes** (*Executive, **Independent non-executive, #Appointed 23 May 2013)
Company secretary and financial director: V Botha CA(SA)

Transfer secretaries: Computershare Investor Services (Pty) Ltd (Registration number 2004/003647/07), 70 Marshall Street, Johannesburg, 2001

Sponsor: PSG Capital, 1st Floor, Ou Kollege Building, 35 Kerk Street, Stellenbosch, 7600

In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by more than 20% from those of the previous corresponding period.

Shareholders are hereby advised that a reasonable degree of certainty exists that the earnings per share for the 6 months ending 30 June 2013 is expected to be between 22 and 24 cents per share (2012: 12 cents). Headline earnings per share is expected to be between 21 and 22 cents per share (2012: 5 cents).

The information contained in this trading statement has not been reviewed or reported on by the Company’s external auditors. R&E expects to release its financial results for the 6 months ending 30 June 2013 in due course.

Johannesburg
05 August 2013
Sponsor
PSG Capital

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008 and in accordance with paragraph 3.83(b) of the Listings Requirements of the JSE Limited, shareholders are hereby advised that the Company has received notification of the following transactions:

Charisma Holdings (Proprietary) Limited and Zerbans Cake & Coffee Shop CC, which two entities are inter-related entities as defined in the Companies Act 71 of 2008, in aggregate acquired a beneficial interest in the securities of the Company such that the total interest in the securities of the Company held by Charisma Holdings (Proprietary) Limited and Zerbans Cake & Coffee Shop CC in aggregate now amounts to approximately 5.63% of the total issued share capital of the Company.

Sandton
3 June 2013
Sponsor:
PSG Capital

Shareholders are referred to R&E’s SENS announcement, dated 25 April 2013, concerning the consent order signed by Mr. Paul Main (“Mr. Main”) on 23 April 2013 in terms of which Mr. Main agreed to make payment to African Strategic Investment (Holdings) Ltd (“ASI”) and R&E (“the Claimants”) of the balance of the settlement amount of US$2 million owing to the Claimants together with further extension payments on or before 15 July 2013.

Shareholders are hereby advised that the Claimants have received full payment of the balance of all amounts owing by Mr. Main under the consent order and schedule thereto (“the consent order”)read with the settlement agreement concluded with him on 23 March 2012 (as amended from time to time)(“the settlement agreement”).

Such payments have the effect of finally settling all claims which the Claimants contend they had against Mr. Main as at 23 April 2013, arising out of or connected with the English proceedings in the High Court of Justice and the South African proceedings in the Western Cape High Court (without compromising any similar claims which the Claimants have against third parties), Mr. Main now having discharged all of his obligations arising from the consent order and settlement agreement.

Sandton
30 May 2013
Sponsor:
PSG Capital

In accordance with paragraph 3.59(a) of the Listings Requirements of the JSE Limited, shareholders are hereby advised that Mr. Patrick Burton (“Mr. Burton”) has been appointed as a independent non-executive director and as member of the audit and risk committee of R&E, with effect from 23 May 2013.

Mr. Burton was one of the founding members of Siphumelele Investments Ltd, a black economic empowerment company established in 1995 with a shareholder base representing in excess of 150 000 previously disadvantaged individuals.

His experience as a director includes executive and non-executive positions in fishing, telecommunications, media and entertainment, technology and financial services. Mr. Burton is a member of the audit committees of PSG Group Ltd, Thembeka Capital Ltd, Safrican Ltd and Siphumelele Investments Ltd.

The board of R&E welcomes the appointment of Mr. Burton and looks forward to his invaluable contributions.

Sandton
23 May 2013
Sponsor:
PSG Capital

Shareholders are referred to R&E’s SENS announcement dated 22 February 2013, concerning the settlement agreement concluded with Mr. Paul Main (“Mr. Main”) and the extension of time until 15 March 2013 afforded to Mr. Main in which to make payment of the final installment of the settlement amount in the sum of US$2 million.

Shareholders are hereby advised that African Strategic Investment (Holdings) Ltd and R&E (“the Claimants”) and Mr. Main have, subsequent to the aforementioned announcement, reached an agreement, which has the effect of settling the Claimants and Mr. Main’s respective claims against one another and which replaces the previous settlement agreement between the parties.

In terms of a consent order signed by Mr. Main on 23 April 2013, Mr. Main is obliged to make payment to the Claimants of the settlement amount of US$2 million on or before 15 July 2013.

In consideration for the extension granted, Mr. Main is required to make further extension payments to R&E which are payable before the final installment and in any event on or before 15 July 2013.

The consent order and schedule thereto constitute a minor restructuring of the payment arrangements and extensions concluded between the Claimants and Mr. Main over the period March 2012 to April 2013. The Claimants believe that they have received and are about to receive adequate compensation, on commercial terms, for all extensions granted to Mr Main over this period.

The trial date, which had previously been re-enrolled for May 2013, has been vacated by agreement between the Claimants and Mr. Main.

Sandton
25 April 2013
Sponsor:
PSG Capital

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