Caxton and CTP Publishers and Printers Ltd(Incorporated in the Republic of South Africa)

(Registration number 1947/026616/06)Share code: CAT ISIN: ZAE000043345

Preference share code: CATP ISIN: ZAE000043352(“Caxton”)

Circular to Caxton shareholdersrelating to:

• the proposed specific repurchase in terms of section 48 of the Companies Act, No. 71 of 2008, as amended, and the Johannesburg Stock Exchange Listings Requirements, by Caxton of its own ordinary shares held by Caxton Share Investments Proprietary Ltd and Caxton Publishers and Printers Proprietary Ltd, both of which are wholly-owned subsidiaries of Caxton;

including:

• a notice of general meeting; and

• a form of proxy (blue) for use by certificated shareholders and “own name dematerialised shareholders” only).

Date of issue: 12 December 2013

Merchant bank and transaction sponsor

Independent expert Attorneys Sponsor Transfer secretaries

CORPORATE INFORMATION

Company secretary and registered office Company Secretary: N SookaCaxton and CTP Publishers and Printers Limited(Registration number 1947/026616/06)28 Wright StreetIndustria WestJohannesburg, 2093(PO Box 43587, Industria, 2042)

SponsorArcay Moela Sponsors Proprietary Limited(Registration number 2006/033725/07)Ground Floor, One Health BuildingWoodmead North Office Park54 Maxwell DriveWoodmead, 2191(PO Box 62397, Marshalltown, 2107)

Merchant bank and transaction sponsorRand Merchant Bank (A division of FirstRand Bank Limited)(Registration number 1929/001225/06)1 Merchant PlaceCorner Fredman Drive and Rivonia RoadSandton, 2196(PO Box 786273, Sandton, 2146)

Attorneys Fluxmans Inc.(Registration number 2000/024775/21)11 Biermann AvenueRosebankJohannesburg, 2196(Private Bag X41, Saxonwold, 2132)

Independent expertPSG Capital Proprietary Limited(Registration number 2006/015817/07)1st Floor, Ou Kollege Building35 Kerk StreetStellenbosch, 7600(PO Box 7403, Stellenbosch, 7599)

Transfer secretariesComputershare Investor Services Proprietary Limited(Registration number 2004/003647/07)70 Marshall StreetJohannesburg, 2001(PO Box 61051, Marshalltown, 2107)

This circular is available in English only. Copies may be obtained from the registered office of the company and the transfer secretaries at the addresses set out above.

1

Table of conTenTs

Page

corporate information Insidefrontcover

action required by shareholders 2

If you have dematerialised your caxton shares without “own name” registration 2

If you have not dematerialised your caxton shares or you have dematerialised your caxton shares with “own name” registration 2

salient dates and times 3

Definitions and interpretations 4

cIrcular To caxTon shareholDers

1. Introduction 6

2. Rationaleforthespecificrepurchase 6

3. Termsofthespecificrepurchaseandconditionsprecedent 6

4. Adequacyofcapital 7

5. Majorshareholders 7

6. Materialchanges 7

7. Directors 7

8. Financialeffects 8

9. Litigationstatement 8

10.Costsofthespecificrepurchase 9

11.Directors’responsibilitystatement 9

12.Consents 9

13.Documentsavailableforinspection 9

annexure I Independentexpert’sreportrequiredintermsoftheapplicableprovisionsofsection114oftheCompaniesAct 10

annexure II RelevantsectionsfromtheCompaniesAct 15

notice of general meeting of shareholders 20

form of proxy (blue) Attached

2

acTIon requIreD by shareholDers

This circular is important and requires your immediate attention. The action you need to take is set out below. The definitions and interpretations commencing on page 4of this circular have been used in this section.

Ifyouareinanydoubtastowhatactiontotake,consultyourbroker,attorneyorotherprofessionaladviserimmediately.

If you have dematerialised your caxton shares without “own name” registration:

(a) Voting at the general meeting

(i) YourCSDP/brokerisobligedtocontactyouinthemannerstipulatedintheagreementconcludedbetweenyouandyourCSDP/broker toascertainhowyouwish to castyourvoteat thegeneralmeetingandthereaftertocastyourvoteinaccordancewithyourinstructions.

(ii) If youhavenot been contacted, itwould be advisable for you to contact yourCSDP/broker andfurnishitwithyourvotinginstructions.

(iii) If your CSDP/broker does not obtain voting instructions from you, it will be obliged to vote inaccordance with the instructions contained in the agreement concluded between you and yourCSDP/broker.

(iv) YoumustNOTcompletetheattachedformofproxy(blue).

(b) attendance and representation at the general meeting

Inaccordancewith theagreementbetweenyouandyourCSDP/broker,youmustadviseyourCSDP/brokerifyouwishtoattendthegeneralmeetinginpersonorifyouwishtosendaproxytorepresentyouatthegeneralmeetingandyourCSDP/brokerwillissuethenecessaryletterofrepresentationforyouoryourproxytoattendthegeneralmeeting.

If you have not dematerialised your caxton shares or you have dematerialised your caxton shares with “own name” registration:

(a) Voting, attendance and representation at the general meeting

(i) Youmayattendandvoteatthegeneralmeetinginperson.

(ii) Alternatively,youmayappointaproxytorepresentyouatthegeneralmeetingbycompletingtheattachedformofproxy(blue) inaccordancewiththeinstructionsitcontainsandreturningittothe registeredofficeofthecompanyorthetransfersecretariestobereceivedbynolaterthan10:00onFriday,10January2014.

If you wish to dematerialise your caxton shares, please contact your broker. If you have disposed of your caxton shares, this circular, together with the attached form of proxy (blue), should be handed to the purchaser of such caxton shares or the broker or other agent who disposed of your caxton shares for you.

3

salIenT DaTes anD TImes

Thedefinitionsandinterpretationscommencingonpage4 ofthisdocumenthavebeenusedinthefollowingtableofimportantdatesandtimes:

2013

RecorddatetodeterminewhichCaxtonshareholdersareeligibletoreceivethecircularandnoticeofgeneralmeetingon Friday,6DecemberCircularpostedtoCaxtonshareholdersandnoticeconveningthegeneralmeetingreleasedonSENSon Thursday,12DecemberNoticeconveningthegeneralmeetingpublishedintheSouthAfricanpresson Friday,13DecemberLastdaytotradeinordertobeeligibletovoteatthegeneralmeetingon Tuesday,24December

2014

Recorddateinordertovoteatthegeneralmeetingon Friday,3JanuaryLastdaytolodgeformsofproxyby10:00on Friday,10JanuaryGeneralmeetingtobeheldintheboardroom,CaxtonHouse,368JanSmutsAvenue,CraighallPark,Johannesburgon Tuesday,14JanuaryResultsofthegeneralmeetingreleasedonSENSon Tuesday,14JanuaryCancellationanddelistingofthe44395861sharesonorabout Monday,10February

notes:

1. ShareholderswillbenotifiedofanyamendmentstotheabovedatesortimesonSENSandintheSouthAfricanpress.

2. AlltimesindicatedaboveareSouthAfricanStandardTimes.

4

DefInITIons anD InTerpreTaTIons

Inthiscircularandtheannexureshereto,unlessthecontextindicatesotherwise,thewordsinthefirstcolumnshallhavethemeaningsassignedtotheminthesecondcolumn,thesingularincludesthepluralandviceversa,anexpressionwhichdenotesonegenderincludestheothergenders,anaturalpersonincludesajuristicpersonandviceversa,andcognateexpressionsshallbearcorrespondingmeanings:

“Act”or“CompaniesAct” theCompaniesAct,No.71of2008,asamended;

“Afmed” AfmedProprietaryLimited(registrationnumber1978/002611/07),a private company incorporated in accordance with the laws ofSouthAfrica;

“board”or“directors” theboardofdirectorsofCaxtonfromtimetotime;

“businessday” anydayotherthanaSaturday,SundayoranofficialpublicholidayinSouthAfrica;

“Caxton”or“thecompany” CaxtonandCTPPublishersandPrintersLtd(registrationnumber1947/026616/06), a public company incorporated in accordancewiththelawsofSouthAfricaandlistedontheJSE;

“CaxtonLimited” CaxtonLimited(registrationnumber1927/000183/06),asubsidiaryofAfmedandapubliccompanyincorporated inaccordancewiththelawsofSouthAfrica;

Caxtonordinaryshares” ordinary shares of 2,5 cents each in the issued share capital ofCaxton;

“CaxtonPublishersandPrinters” CaxtonPublishersandPrintersLtd,awholly-ownedsubsidiaryofCaxton;

“Caxtonshareholders”or“shareholders” theholdersofCaxtonordinaryshares;

“Caxtonshares” Caxtonordinaryshares;

“certificatedshareholders” shareholders who hold Caxton shares, represented by a sharecertificate, which Caxton shares have not been dematerialised intermsoftherequirementsofStrate;

“circular” this circular, dated Thursday, 12 December 2013, including theannexureshereto;

“commonmonetaryarea” SouthAfrica,theRepublicofNamibiaandtheKingdomsofLesothoandSwaziland;

“CSDP” CentralSecuritiesDepositoryParticipant,beinga“participant”asdefined in section1 of theFinancialMarketsAct;ActNo. 19 of2012;

“CSI” CaxtonShareInvestmentsProprietaryLtd,asubsidiaryofCaxton;

“dematerialise”or“dematerialisation” theprocessbywhichsecuritiesheldbycertificatedshareholdersare converted or held in an electronic form as uncertificatedsecurities and recorded in a sub-register of security holdersmaintainedbyaCSDPorbroker;

“dematerialisedshareholders” shareholderswhoholdCaxtonordinary shareswhichhave beendematerialisedintermsoftherequirementsofStrate;

“ElementOne” ElementOne Limited (registration number 1889/000352/06), apubliccompanyincorporatedinaccordancewiththelawsofSouthAfrica whose ordinary shares are traded through an over thecountermarket;

“ExchangeControlRegulations” theExchangeControlRegulations,1961,asamended,promulgatedin terms of section 9 of the Currency and Exchanges Act, 1933(No.9of1933),asamended;

“formofproxy” theblue formofproxyattachedtoandformingpartofthiscircular;

5

“generalmeeting” the general meeting of Caxton shareholders to be held in theboardroom,CaxtonHouse,368JanSmutsAvenue,CraighallPark,Johannesburg at 10:00 on Tuesday, 14 January 2014 for thepurposes of considering and, if deemed fit, to pass the specialresolutioncontainedinthenoticeofgeneralmeeting,requiredtoimplementthespecificrepurchase;

“group” Caxtonanditssubsidiaries;

“IncomeTaxAct” theIncomeTaxAct,1962(Act58of1962)asamended;

“JSE” theJohannesburgStockExchange, operatedby the JSELimited(registration number 2005/022939/06), a public companyincorporatedinaccordancewiththelawsofSouthAfricaandlistedontheJSE,whichislicensedasanexchangeundertheFinancialMarketsAct,ActNo.19of2012;

“lastpracticabledate” Friday,6December2013,beingthelastpracticabledatepriortothefinalisationofthiscircular;

“ListingsRequirements” the Listings Requirements of the JSE, as amended from time totime;

“ownnamedematerialisedshareholders” dematerialised shareholders who have instructed their CSDP tohold their dematerialised shares in their own name on the sub-register (the list of shareholders maintained by the CSDP andformingpartofCaxton’sshareholderregister);

“PSG” PSGCapitalProprietaryLimited,whoareactingastheindependentexpert;

“purchaseconsideration” anamountofR837305938 whichshallbepaidbyCaxtontoCSIand Caxton Publishers and Printers in terms of the specificrepurchase as the purchase consideration for the 44 395 861shares;

“Rand” SouthAfricanRand,beingtheofficialcurrencyofSouthAfrica;

“repurchaseprice” thepriceofR18.86persharepayablebyCaxtontoCSIandCaxtonPublishersandPrintersforeachCaxtonordinarysharepurchasedbyCaxtonfromCSIandCaxtonPublishersandPrintersintermsofthespecificrepurchase;

“SENS” theStockExchangeNewsServiceoftheJSE;

“SouthAfrica” theRepublicofSouthAfrica;

“Strate” Strate Limited (registration number 1998/022242/06), a publiccompanyincorporatedunderthelawsofSouthAfrica,aregisteredcentralsecuritiesdepositoryintermsoftheFinancialMarketsAct;ActNo.19of2012;

“STT” Securities Tax Transfer in terms of the Securities Transfer Act,2007(ActNo.25of2007);

“subsidiary” shallhavethemeaningascribedtheretointheCompaniesAct;

“thegroup” Caxtonanditssubsidiaries;

“thespecificrepurchase” theproposedrepurchaseandcancellationbyCaxtonofthetreasuryshares as set out in this circular and in terms of section 48 oftheAct;

“thisdocument” thisbounddocument,datedThursday,12December2013,whichincludesthecircular,theannexures,thenoticeofgeneralmeetingandtheformofproxy(blue);

“transfersecretaries”or“Computershare” ComputershareInvestorServicesProprietaryLimited(registrationnumber 2004/003647/07), a private company incorporated inSouthAfricaandthetransfersecretaryofCaxtoninSouthAfrica;

“treasuryshares” the 44 395 861 Caxton ordinary shares held by CSI and CaxtonPublishers and Printers, to be repurchased by Caxton, cancelledanddelisted;

“TRP”or“Panel” theTakeoverRegulationPanel,establishedintermsofsection196oftheAct;and

“VWAP” volumeweightedaveragepricetradedontheJSE.

6

caxton and cTp publishers and printers ltd(IncorporatedintheRepublicofSouthAfrica)

(Registrationnumber1947/026616/06)Sharecode:CATISIN:ZAE000043345

Preferencesharecode:CATPISIN:ZAE000043352(“Caxton”)

cIrcular To caxTon shareholDers

1. InTroDucTIon

ThepurposeofthiscircularistoprovideCaxtonshareholderswithinformationregardingthespecificrepurchaseandtoconvenethegeneralmeetingatwhichshareholderscanvoteonthespecialresolutionrequired to implement the specific repurchase (the requisite percentage of voting rights for suchresolutiontobeadoptedis75%).

2. raTIonale for The specIfIc repurchase

Since 26 July 2002 Caxton has been purchasing some of its own shares through its subsidiaries.ThepurchaseswereconductedintermsofgeneralauthoritiesgrantedannuallytoCaxtonandeachofthesubsidiariesbytheirrespectiveshareholders.

Asatthelastpracticabledatethetreasurysharesconstituted9.51%oftheentireissuedsharecapitalofCaxton.Intermsofsection48(2)boftheCompaniesAct,subsidiariesmayonlyholduptoamaximumof10%oftheaggregateofthenumberofissuedsharesoftheirholdingcompany.Duetothefactthatthenumberof the treasuryshares isapproaching this10% threshold,Caxton’sability to continue topurchaseitsownsharesthroughitssubsidiariesislimited.InordertocreatenewcapacityforCaxtontopurchasefurtherCaxtonsharesthroughitssubsidiaries,theboardhasresolvedthatCaxtonshouldpurchasethetreasurysharesfromthesubsidiaries.Thetreasuryshareswill,followingtheirpurchase,becancelledasissuedsharesandrestoredtothestatusofauthorisedshares.

3. Terms of The specIfIc repurchase anD conDITIons preceDenT

ThespecificrepurchasewillbeperformedatapriceofR18.86perCaxtonshare,beingthe30-dayVWAPforCaxtonontheJSEon3December2013,with2.5centspersharepaidoutofcontributedtaxcapitalandthebalanceintheformofadividend.ThespecificrepurchasewillhavenofinancialeffectonCaxtonoritsshareholders,andasthisrepurchaseisintra-groupnosignificantcash,otherthantocovertheexpensesasoutlinedinparagraph10below,willbeutilised.

ApplicationwillbemadetotheJSEforthedelistingofthetreasurysharesoncetheyhavebeenrepurchased.

AttachedasAnnexureItothiscircularistheindependentexpert’sreportpreparedbyPSGrelatingtothespecificrepurchaseasprovidedtothefullboardofCaxton,whichisrequiredintermsofsection48(8)(b)readwithsection114oftheCompaniesAct.Itwasdeterminedthat,sincethespecificrepurchaseiseffectivelyaninternaltransaction,theappointmentofanindependentboardisnotrequired.

IntermsoftheListingsRequirementsandtheprovisionsofsection115(4)oftheCompaniesAct,thesubsidiaries(andtheirassociates)willbeexcludedfromvotingonthespecialresolutionofshareholdersrequiredtoauthorisethespecificrepurchase.

Astatementinformingdissentingshareholdersoftheirrightsundersection164oftheCompaniesActissetoutinAnnexureIIformingpartyofthiscircular.

7

4. aDequacy of capITal

ThedirectorsofCaxtonhaveconsideredtheimpactofthespecificrepurchaseandareoftheopinionthat,followingtherepurchase,the:

• provisionsofsection4andsection48oftheCompaniesActhavebeencompliedwith;

• companyandthegroupwillbeableintheordinarycourseofbusinesstopayitsdebtforaperiodof12monthsafterthedateofapprovalofthecircular;

• assetsofthecompanyandthegroupwillbeinexcessoftheliabilitiesofthecompanyandthegroupforaperiodof12monthsafterthedateofapprovalofthecircular.Forthispurposetheassetsandliabilitieswererecognisedandmeasuredinaccordancewiththeaccountingpoliciesusedinthelatestauditedconsolidatedannualfinancialstatementsofthecompany;

• sharecapitalof thecompanyandthegroupwillbeadequateforordinarybusinesspurposesforaperiodof12monthsafterthedateofapprovalofthecircular;

• workingcapitalofthecompanyandthegroupwillbeadequateforordinarybusinesspurposesforaperiodof12monthsafterthedateofapprovalofthecircular.

Inaddition,intermsofsection46(1)oftheCompaniesActitisstatedasfollows:

• theboardhasauthorisedthespecificrepurchasebyresolution;and

• theboardhas,byresolution,acknowledgedthatithasappliedthesolvencyandliquiditytestassetoutinsection4oftheCompaniesAct,andreasonablyconcludedthattheCompanywillsatisfythesolvencyandliquiditytestimmediatelyaftercompletingthespecificrepurchase.

5. major shareholDers

Shareholders,otherthansubsidiariesofCaxton,whohelda5%orgreaterdirectbeneficialshareholdingintheissuedordinarysharecapitalofCaxtonasatthelastpracticabledate,wereasfollows:

shareholder number of shares heldpercentage of issued

share capital

ElementOneLimited 80065330 18.94CaxtonLimited 182479476 43.17

262 544 806 62.11

6. maTerIal changes

TherehavebeennomaterialchangesinthefinancialortradingpositionofCaxtonsincethepublicationoftheannualreportfortheyearended30June2013.

7. DIrecTors

7.1 Directors

name business address Designation

TDMoolman 368JanSmutsAvenue,CraighallJohannesburg ChiefExecutiveOfficer

GMUtian 368JanSmutsAvenue,CraighallJohannesburg ManagingDirector

PGGreyling 368JanSmutsAvenue,CraighallJohannesburg Executivedirector

TJWHolden 368JanSmutsAvenue,CraighallJohannesburg Executivedirector

PMJenkins 368JanSmutsAvenue,CraighallJohannesburg Independentnon-executiveChairman

ACGMolusi 368JanSmutsAvenue,CraighallJohannesburg Independentnon-executive

NANemukula 368JanSmutsAvenue,CraighallJohannesburg Independentnon-executive

TSlabbert 368JanSmutsAvenue,CraighallJohannesburg Independentnon-executive

PVallet 368JanSmutsAvenue,CraighallJohannesburg Non-executive

8

7.2 Directors’ interests in caxton shares

TheinterestsofthedirectorsintheordinarysharecapitalofCaxtonasatthelastpracticabledatearesetoutbelow:

Direct Indirect2013 2012 2013 2012

PGGreyling 1325000 1325000 – –TJWHolden – – 170225 170225TDMoolman – – 13093804 13093804GMUtian 200000 200000 1 350000 1 350000

1 525 000 1 525 000 14 614 029 14 614 029

notes:

Nointerestsareheldbydirectors’associates.

Therehavebeennochangesindirectors’interestsbetween30June2013andthelastpracticabledate.

7.3 share capital of caxton

ThetablebelowsetouttheauthorisedandissuedsharecapitalofCaxtonbeforeandafterthespecificrepurchase:

r’m

Authorised1200000000ordinarysharesof2.5centseach 300001000006%cumulativeparticipatingpreferencesharesofR2.00each 200

Issued – before the specific repurchase467052949(2012:461648254)ordinarysharesof2.5centseach 1167644395861treasurysharesheldbysubsidiary (1110)422657088ordinarysharesof2.5centseach 10566

500006%cumulativeparticipatingpreferencesharesofR2.00each 100

Issued – after the specific repurchase422657088ordinarysharesof2.5centseach 105660treasurysharesheldbysubsidiary (0)422657088ordinarysharesof2.5centseach 10566

500006%cumulativeparticipatingpreferencesharesofR2.00each 100

8. fInancIal effecTs

ThespecificrepurchasewillhavenofinancialeffectonCaxtonoritsshareholders,otherthaninrespectof transaction costs in total amounting to approximately R2.24 million (refer to paragraph 10 belowforadditionaldetailonthecosts)andrepresentslessthan0.03%oftheCaxtonmarketcapitalisationofR7971.3billion,asatthelastpracticabledate.

As this repurchase is intra-group no significant cash will be utilised and the financial effects havethereforenotbeendisclosed.

9. lITIgaTIon sTaTemenT

Therearenolegalorarbitrationproceedings,includingproceedingsthatarependingorthreatened,ofwhichthegroupisaware,thatmayhaveorhavehad,inthe12-monthperiodprecedingthedateofthiscircular,amaterialeffectonthefinancialpositionofthegroup.

There are no legal or arbitration proceedings, including proceedings that are pending or threatened,relatingtothesurplusassetsthatmayhaveorhavehad,inthe12-monthperiodprecedingthedateofthiscircular,amaterialeffectonthesurplusassets.

9

10. cosTs of The specIfIc repurchase

Thecostsofthespecificrepurchaseareanticipatedtobe:

Description name r

Independentexpert’sreport PSG 58333.00Printing,publishinganddistributionexpenses Ince 70000.00TRPinspectionfees TRP 150000.00SecuritiesTransferTax SARS 2093265.00JSEdocumentationfees JSE 17470.41

Total 2 389 068.41

11. DIrecTors’ responsIbIlITy sTaTemenT

Thedirectors,whosenamesaresetoutinparagraph7.1above,collectivelyandindividually,acceptfullresponsibilityfortheaccuracyoftheinformationgiveninthiscircularinrelationtoCaxtonandcertifythat,tothebestoftheirknowledgeandbelief,nomaterialfactshavebeenomittedwhichwouldmakeanystatementinthiscircularfalseormisleading,thatallreasonableenquiriestoascertainsuchfactshavebeenmadeandthatthiscircularcontainsallinformationrequiredbylawandtheListingsRequirements.

12. consenTs

Theattorneys,independentexpert,investmentbank,sponsorandtransfersecretarieshaveconsentedinwritingtoactinthecapacitiesstatedinthiscircularandtotheirnamesbeingstatedinthiscircular,andinthecaseoftheindependentexpert,referencetotheirreportintheformandcontextinwhichitappears,andhavenotwithdrawntheirconsentpriortothepublicationofthiscircular.

13. DocumenTs aVaIlable for InspecTIon

Thefollowingdocumentsorcopiesthereof,willbeavailableforinspectionattheregisteredofficeofCaxtonduringnormalofficehours from09:00 to17:00 fromthedateofpostingof thiscircularupuntil thegeneralmeetingonTuesday,14January2014:

1. theMemorandaofIncorporationofCaxtonanditssubsidiaries;

2. auditedannualfinancialstatementsofCaxtonforeachoftheyearsended30June2013,2012,2011and2010;

3. thesignedconsentslettersreferredtoinparagraph12above;

4. asignedcopyofthiscircular;

5. theTRPapprovalletter;and

6. thesignedindependentexpert’sreportrequiredintermsoftheapplicableprovisionsofsection114oftheCompaniesAct.

Byorderoftheboard

paul jenkinsChairman

12December2013

10

annexure I

InDepenDenT experT’s reporT requIreD In Terms of The applIcable proVIsIons of secTIon 114 of The companIes acT

TheDirectorsCaxtonandCTPPublishersandPrintersLimited28WrightStreetIndustriaWestJohannesburg2093SouthAfrica

5December2013

DearSirs,

InDepenDenT faIr anD reasonable reporT In respecT of The specIfIc share repurchase by caxTon anD cTp publIshers anD prInTers lImITeD of 44 395 861 of ITs oWn orDInary shares from caxTon share InVesTmenTs proprIeTary lImITeD anD caxTon anD cTp publIshers proprIeTary lImITeD

1. InTroDucTIon

Intermsofaboardresolutiontakenon3December2013,CaxtonandCTPPublishersandPrintersLimited(“caxton”or“the company”)resolvedtoimplementaspecificrepurchaseof44395861ordinarysharesfromCaxtonShareInvestmentsProprietaryLimited(“caxton share Investments”)andCaxtonandCTPPublishersProprietaryLimited (“caxton cTp”), both beingwholly-owned subsidiaries ofCaxton, at arepurchasepriceofR18.86perCaxtonordinaryshare(“the specific repurchase”).TheordinarysharestoberepurchasedfromCaxtonShareInvestmentsandCaxtonCTParecurrentlyheldandrecognisedastreasurysharesofCaxton.

Intermsofsection48(8)(b)oftheCompaniesAct,No.71of2008(“the companies act”),adecisionbytheboardofacompanytorepurchaseitssharesissubjecttotherequirementsofsections114and115of theCompaniesAct if, consideredalone, or togetherwithother transactions inan integrated seriesof transactions, it involves theacquisitionbyacompanyofmore than5%of the issuedsharesofanyparticularclassofthecompany’sshares.Accordingly,intermsofsection114(2)oftheCompaniesActreadtogetherwithRegulation90of theCompaniesRegulations,2011 (“the companies regulations”), theboardofdirectors(“the board”)mustretainanindependentexperttocompileareportthereon.

2. scope

PSGCapitalProprietaryLimited (“psg capital”)hasbeenappointedby theBoardas the independentexperttoadvise,inaccordancewiththeCompaniesActandtheCompaniesRegulationsonwhetherthetermsandconditionsoftheSpecificRepurchasearefairandreasonableasfarastheCaxtonshareholdersareconcerned.

3. responsIbIlITy

CompliancewiththeCompaniesActistheresponsibilityoftheBoard.OurresponsibilityistoreportonthetermsandconditionsoftheSpecificRepurchaseastheyrelatetoCaxtonshareholders.

WeconfirmthatourfairandreasonableopinionhasbeenprovidedtotheBoardforthesolepurposeofassistingtheBoardinformingandexpressinganopinionforthebenefitoftheCaxtonshareholders,whichopinion theBoardwill distribute to theCaxton shareholders in a circular (“the specific repurchase circular”)onorabout12December2013.WeunderstandthattheresultsofourworkwillbeusedbytheBoardtosatisfytherequirementsoftheCompaniesAct.

4. DefInITIon of The Terms “faIr” anD “reasonable”

Atransactionwillgenerallybeconsidered fair toacompany’sshareholders if thebenefitsreceivedbyshareholders,asaresultofacorporateaction,areequaltoorgreaterthanthevaluesurrenderedbyacompany.

11

Theassessmentof fairness isprimarilybasedonquantitativeconsiderations.TheSpecificRepurchasemaybe considered fair if thevalueattributable to theCompanyand its shareholderspost theSpecificRepurchaseexceedsorisequaltotheattributablevaluepriortotheSpecificRepurchase.

TheassessmentofreasonablenessisgenerallybasedonqualitativeconsiderationssurroundingtheSpecificRepurchase.Eventhoughtheconsiderationmaydifferfromthemarketvalueoftheassetsbeingacquired,atransactionmaystillbefairandreasonableafterconsideringothersignificantqualitativefactors.

Wehaveapplied theaforementionedprinciples inpreparingouropinion.This fairandreasonablenessopiniondoesnotpurporttocaterforanindividualshareholder’spositionbutratherthegeneralbodyofshareholderssubjecttotheSpecificRepurchase.Ashareholder’sdecisionregardingfairandreasonablenessofthetermsoftheSpecificRepurchasemaybeinfluencedbytheirparticularcircumstances(forexampletaxationandtheoriginalpricepaidfortheshares).

5. sources of InformaTIon

In the course of our valuation analysis, we relied upon financial and other information, includingprospectivefinancial information,obtainedfromCaxtonmanagement,theiradvisorsandfromvariouspublic,financialandindustrysources.Ourconclusionisdependentonsuchinformationbeingcompleteandaccurateinallmaterialrespects.

Theprincipalsourcesofinformationusedinperformingourindicativevaluationinclude:

– ResolutionstakenontheSpecificRepurchasebytheCompany,CaxtonShareInvestmentsandCaxtonCTP(“resolutions”);

– TheSpecificRepurchaseCircular;

– TheannualreportsofCaxtonfortheyearsended30June2013and30June2012;

– TheauthorisedbudgetofCaxtonfortheyearended30June2014;

– Otherfinancialandnon-financialinformationandassumptionsmadebymanagementanddiscussionsheldwithmanagement,directors,andCaxtonadvisorsregardingCaxtonoperations;

– DiscussionswithCaxtondirectors,managementandadvisorsregardingthefinancialinformationrelatingtoprevailingmarket,economic,legalandotherconditionswhichmayaffecttheunderlyingvalueandtherationalefortheSpecificRepurchase;

– PubliclyavailableinformationrelatingtoCaxton,includingmarketdata,sharepriceandvolumedatathatwedeemedtoberelevant;and

– Publicly available information relating to the industry in which Caxton operates that we deemedrelevant,includingcompanyannouncements,analysts’reportsandmediaarticles.

6. assumpTIons

Wehavearrivedatouropinionbasedonthefollowingassumptions:

– Thattheterms,conditionsandstructureoftheSpecificRepurchasearelegallyenforceable;

– ThatreliancecanbeplacedonthehistoricalfinancialinformationofCaxton;

– Thecurrenteconomic,regulatoryandmarketconditionswillnotchangematerially;

– NeitherCaxton,noranyofitsgroupcompanies(“the caxton group”)areinvolvedinanymateriallegalproceedings;

– Caxtonhasnooutstandingdisputeswithanyregulatorybody,includingtheSouthAfricanRevenueService;

– TherearenoundisclosedcontingenciesthatcouldaffectthevalueoftheCaxtonGroup;

– ThestructureoftheSpecificRepurchasewillnotgiverisetoanyundisclosedtaxliabilitiesoranyothermaterialexpenses;and

– ReliancecanbeplacedontherepresentationsmadebyCaxtonmanagementandtheiradvisorsduringthecourseofformingthisopinion.

12

7. approprIaTeness anD reasonableness of unDerlyIng InformaTIon anD assumpTIons

Wesatisfiedourselvesastotheappropriatenessandreasonablenessoftheinformationandassumptionsemployedinarrivingatouropinionby:

– Placing reliance on representations made by Caxton management and their advisors during thecourseofformingthisopinion;

– Consideringthehistoricaltrendsofsuchinformationandassumptions;

– Comparing and corroborating such information and assumptions with external sources ofinformation,ifsuchinformationisavailable;and

– Determining the extent to which representations from management and other industry expertswereconfirmedbydocumentaryevidenceaswellasourunderstandingofCaxtonandtheeconomicenvironmentinwhichitoperates.

8. proceDures

Inarrivingatouropinion,werelieduponfinancialandotherinformation,obtainedfrommanagementtogetherwithindustry-relatedandotherinformationinthepublicdomain.Ourconclusionisdependentonsuchinformationbeingaccurateinallmaterialrespects.

Inarrivingatouropinionwehave,interalia, undertakenthefollowingproceduresinevaluatingthefairandreasonablenessoftheSpecificRepurchase:

– ReviewedandanalysedtheauditedfinancialresultsofCaxtonfortheyearsended30June2013and30June2012;

– ReviewedthetermsandconditionsoftheResolutions;

– Reviewedthereasonablenessoftheinformationmadeavailablebyandfromdiscussionsheldwithmanagement,includingdirectorsofCaxtonsuchas,interalia:

• therationalefortheSpecificRepurchase;

• theeventsleadinguptotheSpecificRepurchase;

• theauthorisedbudgetofCaxton;

• thecurrentmarketconditionsrelatingtoCaxton;and

• suchothermattersasweconsiderednecessary;

– Whererelevant,corroboratedrepresentationsmadebymanagementtosourcedocuments;

– ReviewedcertainpubliclyavailableinformationrelatingtoCaxtonthatwehavedeemedrelevant;

– ReviewedtheSpecificRepurchaseCircular;

– Obtainedlettersofrepresentationfrommanagementassertingthatwehavebeenprovidedwithallrelevantinformationandthatnomaterialinformationwasomittedandthatallsuchinformationprovidedtousisaccurateinallrespects;

– Consideredotherrelevantfactsandinformationrelevanttoconcludingthisopinion;and

– Considered key external and internal value drivers. Key external value drivers identified wereinflationrates,interestrates,exchangeratesandprevailingmarketandindustryconditions.Keyinternalvaluedriversincluded,whererelevant,themaintainableearningsandearningsmarginsofCaxton.Asensitivityanalysiswasconductedwherepractical,utilisingexistingandforecastkeyvaluedrivers.

9. ValuaTIon approach

In considering the Specific Repurchase, PSG Capital performed an independent valuation of CaxtonanddetailanalysisoftheSpecificRepurchasetodeterminewhetherSpecificRepurchaseisfairtotheCompanyanditsshareholders.

ForthepurposesofourvaluationofCaxton,weappliedthemarketvalueofCaxtonbasedonthe30-dayvolumeweightedaveragetradingprice(“market Value”)todeterminetheindicativevalueofaminorityshareholdinginCaxton.WeperformedlimitedworkthroughthereviewofCaxton’ssharetradinghistory,sharetradingliquidity,sharefreefloat,analystreportsandconfirmedthatnoindicationsexistinthemarketofananomalyintheCaxtonshareprice.

10. opInIon

WehaveconsideredthetermsandconditionsoftheSpecificRepurchaseassetoutaboveandbasedontheaforementioned,weareoftheopinion,subjecttothelimitingconditionsassetoutbelow,thattheindicativecorevalueofCaxton,priorto,andaftertheSpecificRepurchasebasedontheMarketValueamountstoR7971.3million.

13

Inconsideringthevaluationlistedabove,Caxtonshareholdersshouldtakeparticularnoticethattheactualmarketvalueachievedinaspecifictransactionmaybehigherorlowerthanourestimateofthemarketvaluedependinguponthecircumstancesofthetransaction(forexamplestrategicconsiderationsofthepurchaser),thenatureofthebusiness(forexamplethepurchaser’sperceptionofpotentialsynergies).

TherewillbenoeffectontherightsandinterestofCaxtonshareholdersduetothefactthattheSpecificRepurchaseisdonefromwholly-ownedsubsidiariesoftheCompany,thereforetheCompanywillbeinasimilarpositionpre-andpostthecorporateaction.

TheSpecificRepurchasewillnothaveanymaterialadverseeffectontheCaxtonGrouporonthebusinessandprospectsoftheCaxtonGroup.

Subjecttotheaforegoingassumptions,basedonouranalysisandaftertakingintoaccountallfinancialandnon-financialconsiderations,weareoftheopinionthattheSpecificRepurchaseisfairandreasonabletotheordinaryshareholdersofCaxton.

11. lImITIng conDITIons

ThisopinionisprovidedtotheBoardinconnectionwithandforthepurposeoftheSpecificRepurchaseforthesolepurposeofassistingtheBoardinformingandexpressinganopinionforthebenefitoftheCaxtonshareholders.ThisopinionispreparedsolelyfortheBoardandthereforeshouldnotberegardedassuitableforusebyanyotherpartyorgiverisetothirdpartyrights.

ThebudgetofCaxtonrelatestofutureeventsandisbasedonassumptions,whichmaynotremainvalidforthewholeoftherelevantperiod.Consequentlythisinformationcannotbereliedupontothesameextentasthatderivedfromauditedfinancialstatementsforcompletedaccountingperiods.WeexpressnoopinionastohowcloselyactualresultswillcorrespondtothebudgetprovidedbyCaxtonmanagement.

Wereliedupontheaccuracyoftheinformationusedbyusinderivingouropinion,albeitthat,wherepracticable, we have corroborated the reasonableness of such information and assumptions through,amongstotherthings,referencetohistoricprecedentandourknowledgeandunderstanding.Whilstourworkhasinvolvedananalysisoftheannualfinancialstatementsandotherinformationprovidedtous,ourengagementdoesnotconstitutenordoesitincludeanauditconductedinaccordancewithapplicableauditingstandards.AccordinglyweassumenoresponsibilityandmakenorepresentationswithrespecttotheaccuracyorcompletenessofanyinformationprovidedtousinrespectoftheSpecificRepurchase.

Theopinionexpressedisnecessarilybaseduponinformationavailabletous,thefinancial,regulatory,securitiesmarketandotherconditionsandcircumstancesexistinganddisclosed tousasat thedatehereof.Wehavefurthermoreassumedthatallconditionsprecedent,includinganymaterialregulatoryandotherapprovalsrequiredinconnectionwiththeSpecificRepurchasehavebeenorwillbeproperlyfulfilled.Subsequentdevelopmentsmayaffectouropinion,howeverweareundernoobligationtoupdate,reviseorre-affirmsuch.

12. secTIons 115 anD 164 of The companIes acT

Sections115and164oftheCompaniesActhavebeenincludedasanannexuretothisopinion.

13. InTeresTs of DIrecTors of caxTon

TheinterestsofthedirectorsofCaxtonintheordinarysharesofCaxtonareasfollows:

Director Direct shareholding Indirect shareholding Total shareholding

PGGreyling 1325000 – 1 325000TJWHolden – 170225 170225TDMoolman – 13 093804 13 093804GMUtian 200000 1 350000 1550000

Total 1 525 000 14 614 029 16 139 029

TheSpecificRepurchasewillhavenoeffectonthenumberofsharesheldbyanyoftheCaxtondirectors.

14. InDepenDence anD aDDITIonal regulaTory DIsclosures

We confirm that PSG Capital holds no shares in Caxton, directly or indirectly. We have no interest,director indirect,beneficialornon-beneficial,andwearenotrelatedtoapersonwhohasorhashadsuchinterest inCaxtonwithintheimmediatelyprecedingtwoyearsorintheoutcomeoftheSpecificRepurchase.

14

The directors, partners, officers and employees of PSG Capital allocated to this assignment have thenecessary qualifications, expertise and competencies to: (i) understand the Specific Repurchase;(ii)evaluate the consequences of the Specific Repurchase and (iii) assess the effect of the SpecificRepurchaseonthevalueofthesharesandontherightsandinterestsoftheCaxtonshareholders,oracreditorofCaxtonandareabletoexpressopinions,exercisejudgementandmakedecisionsimpartiallyincarryingoutthisassignment.

Furthermore,weconfirmthatourprofessionalfeefortheopiniontogetherisR58000(excludingVAT),payableincash,andisnotcontingentontheoutcomeoftheSpecificRepurchase.

15. consenT

Weherebyconsentto the inclusionof thisopinionandreferencesthereto, inwholeor inpart, intheform and context in which they appear to be included in any required regulatory announcement ordocumentationregardingtheSpecificRepurchase.

Yoursfaithfully

riaan van heerdenpsg capital

john-paul Dickspsg capital

15

annexure II

releVanT secTIons from The companIes acT

“115. required approval for transactions contemplated in part

(1) Despitesection65,andanyprovisionofacompany’sMemorandumofIncorporation,oranyresolutionadoptedbyitsboardorholdersofitssecurities,tothecontrary,acompanymaynotdisposeof,orgiveeffect to an agreement or series of agreements to dispose of, all or the greater part of its assets orundertaking,implementanamalgamationoramerger,orimplementaschemeofarrangement,unless:

(a) thedisposal,amalgamationormerger,orschemeofarrangement:

(i) hasbeenapprovedintermsofthissection;or

(ii) ispursuanttoorcontemplatedinanapprovedbusinessrescueplanforthatcompany,intermsofChapter6;and

(b) totheextentthatPartsBandCofthisChapter,andtheTakeoverRegulations,applytoacompanythatproposesto:

(i) disposeofallorthegreaterpartofitsassetsorundertaking;

(ii) amalgamateormergewithanothercompany;or

(iii) implementaschemeofarrangement,

thePanelhasissuedacompliancecertificateinrespectofthetransaction,intermsofsection 119(4)(b),orexemptedthetransactionintermsofsection119(6).

(2) Aproposedtransactioncontemplatedinsubsection(1)mustbeapproved:

(a) byaspecialresolutionadoptedbypersonsentitledtoexercisevotingrightsonsuchamatter,atameetingcalledforthatpurposeandatwhichsufficientpersonsarepresenttoexercise,inaggregate,atleast25%ofallofthevotingrightsthatareentitledtobeexercisedonthatmatter,oranyhigherpercentageasmayberequiredbythecompany’sMemorandumofIncorporation,ascontemplatedinsection64(2);and

(b) byaspecialresolution,alsoadoptedinthemannerrequiredbyparagraph(a),bytheshareholdersofthecompany’sholdingcompanyifany,if:

(i) theholdingcompanyisacompanyoranexternalcompany;

(ii) the proposed transaction concerns a disposal of all or the greater part of the assets orundertakingofthesubsidiary;and

(iii) havingregardtotheconsolidatedfinancialstatementsoftheholdingcompany,thedisposalbythesubsidiaryconstitutesadisposalofallorthegreaterpartoftheassetsorundertakingoftheholdingcompany;and

(c) bythecourt,totheextentrequiredinthecircumstancesandmannercontemplatedinsubsections (3)to(6).

(3) Despitearesolutionhavingbeenadoptedascontemplatedinsubsections(2)(a)and(b),acompanymaynotproceedtoimplementthatresolutionwithouttheapprovalofacourtif:

(a) theresolutionwasopposedbyatleast15%ofthevotingrightsthatwereexercisedonthatresolutionand,withinfivebusinessdaysafterthevote,anypersonwhovotedagainsttheresolutionrequiresthecompanytoseekcourtapproval;or

(b) thecourt,onanapplicationwithin10businessdaysafterthevotebyanypersonwhovotedagainsttheresolution,grantsthatpersonleave,intermsofsubsection(6),toapplytoacourtforareviewofthetransactioninaccordancewithsubsection(7).

(4) Forthepurposesofsubsections(2)and(3),anyvotingrightscontrolledbyanacquiringparty,apersonrelatedtoanacquiringparty,orapersonactinginconcertwitheitherofthem,mustnotbeincludedincalculatingthepercentageofvotingrights:

(a) required to be present, or actually present, in determining whether the applicable quorumrequirementsaresatisfied;or

(b) requiredtobevotedinsupportofaresolution,oractuallyvotedinsupportoftheresolution.

16

(5) Ifaresolutionrequiresapprovalbyacourtascontemplatedintermsofsubsection(3)(a),thecompanymusteither:

(a) within10businessdaysafterthevote,applytothecourtforapproval,andbearthecostsofthatapplication;or

(b) treattheresolutionasanullity.

(6) Onanapplicationcontemplatedinsubsection(3)(b),thecourtmaygrantleaveonlyifitissatisfiedthattheapplicant:

(a) isactingingoodfaith;

(b) appearspreparedandabletosustaintheproceedings;and

(c) hasallegedfactswhich,ifproved,wouldsupportanorderintermsofsubsection(7).

(7) On reviewing a resolution that is the subject of an application in terms of subsection (5)(a), or aftergrantingleaveintermsofsubsection(6),thecourtmaysetasidetheresolutiononlyif:

(a) theresolutionismanifestlyunfairtoanyclassofholdersofthecompany’ssecurities;or

(b) thevotewasmateriallytaintedbyconflictofinterest,inadequatedisclosure,failuretocomplywiththe Act, the Memorandum of Incorporation or any applicable rules of the company, or othersignificantandmaterialproceduralirregularity.

(8) Theholderofanyvotingrights inacompanyisentitledtoseekrelief intermsofsection164if thatperson:

(a) notifiedthecompanyinadvanceoftheintentiontoopposeaspecialresolutioncontemplatedinthissection;and

(b) waspresentatthemeetingandvotedagainstthatspecialresolution.

(9) If a transaction contemplated in this Part has been approved, any person to whom assets are, or anundertakingis,tobetransferred,mayapplytoacourtforanordertoeffect:

(a) the transfer of the whole or any part of the undertaking, assets and liabilities of a companycontemplatedinthattransaction;

(b) theallotmentandappropriationofanysharesorsimilarintereststobeallottedorappropriatedasaconsequenceofthetransaction;

(c) thetransferofsharesfromonepersontoanother;

(d) thedissolution,withoutwinding-up,ofacompany,ascontemplatedinthetransaction;

(e) incidental, consequentialandsupplementalmatters thatarenecessary for the effectivenessandcompletionofthetransaction;or

(f) anyotherreliefthatmaybenecessaryorappropriatetogiveeffectto,andproperlyimplement,theamalgamationormerger.”

“164. Dissenting shareholders’ appraisal rights

(1) Thissectiondoesnotapplyinanycircumstancesrelatingtoatransaction,agreementorofferpursuanttoabusinessrescueplanthatwasapprovedbyshareholdersofacompany,intermsofsection152.

(2) Ifacompanyhasgivennoticetoshareholdersofameetingtoconsideradoptingaresolutionto:

(a) amenditsMemorandumofIncorporationbyalteringthepreferences,rights,limitationsorotherterms of any class of its shares in any manner materially adverse to the rights or interests ofholdersofthatclassofshares,ascontemplatedinsection37(8);or

(b) enter into a transaction contemplated in section 112, 113 or 114, that notice must include astatementinformingshareholdersoftheirrightsunderthissection.

(3) Atanytimebeforearesolutionreferredtoinsubsection(2)istobevotedon,adissentingshareholdermaygivethecompanyawrittennoticeobjectingtotheresolution.

17

(4) Within 10 business days after a company has adopted a resolution contemplated in this section, thecompanymustsendanoticethattheresolutionhasbeenadoptedtoeachshareholderwho:

(a) gavethecompanyawrittennoticeofobjectionintermsofsubsection(3);and

(b) hasneither:

(i) withdrawnthatnotice;nor

(ii) votedinsupportoftheresolution.

(5) Ashareholdermaydemandthatthecompanypaytheshareholderthefairvalueforallofthesharesofthecompanyheldbythatpersonif:

(a) theshareholder:

(i) sentthecompanyanoticeofobjection,subjecttosubsection(6);and

(ii) inthecaseofanamendmenttothecompany’sMemorandumofIncorporation,holdssharesofaclassthatismateriallyandadverselyaffectedbytheamendment;

(b) thecompanyhasadoptedtheresolutioncontemplatedinsubsection(2);and

(c) theshareholder:

(i) votedagainstthatresolution;and

(ii) hascompliedwithalloftheproceduralrequirementsofthissection.

(6) Therequirementofsubsection(5)(a)(i)doesnotapplyifthecompanyfailedtogivenoticeofthemeeting,orfailedtoincludeinthatnoticeastatementoftheshareholdersrightsunderthissection.

(7) Ashareholderwhosatisfiestherequirementsofsubsection(5)maymakeademandcontemplatedinthatsubsectionbydeliveringawrittennoticetothecompanywithin:

(a) 20businessdaysafterreceivinganoticeundersubsection(4);or

(b) if the shareholderdoesnot receiveanoticeunder subsection (4),within20businessdaysafterlearningthattheresolutionhasbeenadopted.

(8) Ademanddeliveredintermsofsubsections(5)to(7)mustalsobedeliveredtothePanel,andmuststate:

(a) theshareholder’snameandaddress;

(b) thenumberandclassofsharesinrespectofwhichtheshareholderseekspayment;and

(c) ademandforpaymentofthefairvalueofthoseshares.

(9) Ashareholderwhohassentademandintermsofsubsections(5)to(8)hasnofurtherrightsinrespectofthoseshares,otherthantobepaidtheirfairvalue,unless:

(a) theshareholderwithdrawsthatdemandbeforethecompanymakesanofferundersubsection(11),orallowsanoffermadebythecompanytolapse,ascontemplatedinsubsection(12)(b);

(b) thecompanyfailstomakeanofferinaccordancewithsubsection(11)andtheshareholderwithdrawsthedemand;or

(c) thecompany,byasubsequentspecialresolution,revokestheadoptedresolutionthatgaverisetotheshareholder’srightsunderthissection.

(10)Ifanyoftheeventscontemplatedinsubsection(9)occur,alloftheshareholder’srightsinrespectofthesharesarereinstatedwithoutinterruption.

(11)Withinfivebusinessdaysafterthelaterof:

(a) thedayonwhichtheactionapprovedbytheresolutioniseffective;

(b) thelastdayforthereceiptofdemandsintermsofsubsection(7)(a);or

(c) the day the company received a demand as contemplated in subsection (7)(b), if applicable, thecompanymustsendtoeachshareholderwhohassentsuchademandawrittenoffertopayanamountconsideredbythecompany’sdirectorstobethefairvalueoftherelevantshares,subjecttosubsection(16),accompaniedbyastatementshowinghowthatvaluewasdetermined.

18

(12)Everyoffermadeundersubsection(11):

(a) inrespectofsharesofthesameclassorseriesmustbeonthesameterms;and

(b) lapsesifithasnotbeenacceptedwithin30businessdaysafteritwasmade.

(13)Ifashareholderacceptsanoffermadeundersubsection(12):

(a) theshareholdermusteitherinthecaseof:

(i) sharesevidencedbycertificates,tendertherelevantsharecertificatestothecompanyorthecompany’stransferagent;or

(ii) uncertificatedshares,takethestepsrequiredintermsofsection53todirectthetransferofthosesharestothecompanyorthecompany’stransferagent;and

(b) the company must pay that shareholder the agreed amount within 10 business days after theshareholderacceptedtheofferand:

(i) tenderedthesharecertificates;or

(ii) directedthetransfertothecompanyofuncertificatedshares.

(14)Ashareholderwhohasmadeademandintermsofsubsections(5)to(8)mayapplytoacourttodetermineafairvalueinrespectofthesharesthatwerethesubjectofthatdemand,andanorderrequiringthecompanytopaytheshareholderthefairvaluesodetermined,ifthecompanyhas:

(a) failedtomakeanofferundersubsection(11);or

(b) madeanofferthattheshareholderconsiderstobeinadequate,andthatofferhasnotlapsed.

(15)Onanapplicationtothecourtundersubsection(14):

(a) alldissentingshareholderswhohavenotacceptedanofferfromthecompanyasatthedateoftheapplicationmustbejoinedaspartiesandareboundbythedecisionofthecourt;

(b) thecompanymustnotifyeachaffecteddissentingshareholderofthedate,placeandconsequencesoftheapplicationandoftheirrighttoparticipateinthecourtproceedings;and

(c) thecourt:

(i) maydeterminewhetheranyotherpersonisadissentingshareholderwhoshouldbejoinedasaparty;

(ii) mustdetermineafairvalueinrespectofthesharesofalldissentingshareholders,subjecttosubsection(16);

(iii) initsdiscretionmay:

(aa) appointoneormoreappraiserstoassistitindeterminingthefairvalueinrespectoftheshares;or

(bb) allowareasonablerateofinterestontheamountpayabletoeachdissentingshareholderfromthedatetheactionapprovedbytheresolutioniseffective,untilthedateofpayment;

(iv) maymakeanappropriateorderofcosts,havingregardtoanyoffermadebythecompany,andthefinaldeterminationofthefairvaluebythecourt;and

(v) mustmakeanorderrequiring:

(aa) thedissentingshareholderstoeitherwithdrawtheirrespectivedemandsortocomplywithsubsection(13)(a);and

(bb) thecompanytopaythefairvalueinrespectoftheirsharestoeachdissentingshareholderwho complies with subsection (13)(a), subject to any conditions the court considersnecessarytoensurethatthecompanyfulfilsitsobligationsunderthissection.

(15A) At any timebefore the courthasmade anorder contemplated in subsection (15)(c)(v), a dissentingshareholdermayaccepttheoffermadebythecompanyintermsofsubsection(11),inwhichcase:

(a) thatshareholdermustcomplywiththerequirementsofsubsection13(a);and

(b) thecompanymustcomplywiththerequirementsofsubsection13(b).

(16)Thefairvalueinrespectofanysharesmustbedeterminedasatthedateonwhich,andtimeimmediatelybefore,thecompanyadoptedtheresolutionthatgaverisetoashareholder’srightsunderthissection.

19

(17)Iftherearereasonablegroundstobelievethatcompliancebyacompanywithsubsection(13)(b),orwithacourtorderintermsofsubsection(15)(c)(v)(bb),wouldresultinthecompanybeingunabletopaysitsdebtsastheyfalldueandpayablefortheensuing12months:

(a) thecompanymayapplytoacourtforanordervaryingthecompany’sobligationsintermsoftherelevantsubsection;and

(b) thecourtmaymakeanorderthat:

(i) isjustandequitable,havingregardtothefinancialcircumstancesofthecompany;and

(ii) ensuresthatthepersontowhomthecompanyowesmoneyintermsofthissectionispaidattheearliestpossibledatecompatiblewiththecompanysatisfyingitsotherfinancialobligationsastheyfalldueandpayable.

(18)Iftheresolutionthatgaverisetoashareholder’srightsunderthissectionauthorisedthecompanytoamalgamateormergewithoneormoreothercompanies,suchthatthecompanywhosesharesarethesubjectofademandintermsofthissectionhasceasedtoexist,theobligationsofthatcompanyunderthissectionareobligationsofthesuccessortothatcompanyresultingfromtheamalgamationormerger.

(19)Forgreater certainty, themakingofademand, tenderingof sharesandpaymentbya company toashareholderintermsofthissectiondonotconstituteadistributionbythecompany,oranacquisitionofitssharesbythecompanywithinthemeaningofsection48,andthereforearenotsubjectto:

(a) theprovisionsofthatsection;or

(b) theapplicationbythecompanyofthesolvencyandliquiditytestsetoutinsection4.

(20)Excepttotheextent:

(a) expresslyprovidedinthissection;or

(b) thatthePanelrulesotherwiseinaparticularcase,apaymentbyacompanytoashareholderintermsofthissectiondoesnotobligateanypersontomakeacomparableofferundersection125toanyotherperson.”

20

caxton and cTp publishers and printers ltd(IncorporatedintheRepublicofSouthAfrica)

(Registrationnumber1947/026616/06)Sharecode:CATISIN:ZAE000043345

Preferencesharecode:CATPISIN:ZAE000043352(“Caxton”or“theCompany”)

noTIce of general meeTIng of shareholDers

Allthetermsdefinedinthecircular,towhichthisnoticeofgeneralmeetingisattached,shallbearthesamemeaningwhenusedinthisnoticeofgeneralmeeting.

NoticeisherebygiventhatageneralmeetingoftheCompany’sshareholderswillbeheldintheboardroom,CaxtonHouse,368JanSmutsAvenue,CraighallPark,Johannesburgat10:00onTuesday,14January2014,forthepurposeofconsideringand,ifdeemedfit,passing,withorwithoutmodification,thefollowingspecialresolution:

specific authority to purchase treasury shares

special resolution number 1 – specific authority, in terms of the companies act, for the repurchase by the company of 44 395 861 of its own shares from csI and caxton publishers and printers for a purchase consideration of r837 305 938

“Resolved that the Company be and is hereby authorised, by way of a specific authority, in terms of theCompaniesAct,theListingsRequirementsandMOIoftheCompany,toacquire44395861CaxtonsharesatapriceofR18.86perCaxtonshare,fromCSIandCaxtonPublishersandPrintersforapurchaseconsiderationofR837305938.”

Intermsofsections48(8)(b),62(3)(c)and65(9)oftheCompaniesActandparagraph5.69(b)oftheListingsRequirements,therequisitepercentageofvotingrightsfortheresolutiontobeadoptedis75%.

The board of directors of the Company is of the opinion that, after considering the effect of the specificpurchase:

• theCompanyandthegroupwillbeable topay itsdebtsas theybecomedue intheordinarycourseofbusinessforaperiodof12monthsafterthedateofthespecificpurchase;

• theassetsoftheCompanyandthegroupwillbeinexcessoftheliabilitiesoftheCompanyandthegroupforaperiodof12monthsafterthedateofthespecificpurchase;

• thesharecapitalandthereservesoftheCompanyandthegroupwillbeadequateforordinarybusinesspurposesforaperiodof12monthsafterthedateofthespecificpurchase;

• theworkingcapitaloftheCompanyandthegroupwillbeadequateforordinarybusinesspurposesforaperiodof12monthsafterthedateofapprovalofthespecificpurchase.

Inaddition,intermsofsection46(1)oftheCompaniesActitisstatedasfollows:

• theboardhasauthorisedthespecificrepurchasebyresolution;and

• theboardhas,byresolution,acknowledgedthatithasappliedthesolvencyandliquiditytestassetoutinsection4oftheCompaniesAct,andreasonablyconcludedthattheCompanywillsatisfythesolvencyandliquiditytestimmediatelyaftercompletingthespecificrepurchase.

21

reason for and effect of special resolution number 1

Thereasonforandeffectofspecialresolutionnumber1istogranttheCompany’sdirectorsaspecificauthoritytoapprovethepurchaseof44395861ofitsownsharesatapriceofR18.86pershare,fromCSIandCaxtonPublishersandPrinters, bothwholly-owned subsidiaries of theCompany, for apurchase considerationofR837305938,with2.5centspersharepaidoutofcontributedtaxcapitalandthebalanceintheformofadividend.

Forthepurposesofconsideringspecialresolutionnumber1andincompliancewiththeListingsRequirements,the information listedbelowhasbeen included in thiscircular inwhich thisnoticeofgeneralmeeting isincluded,attheplacesindicated:

• Directorsandmanagement(page7);

• Majorshareholders(page7);

• Materialchanges(page7);

• Directors’interestsinsecurities(page8);and

• SharecapitaloftheCompany(page8).

Thedirectors,whosenamesaresetoutonpage7ofthiscircular,collectivelyandindividually,acceptfullresponsibilityfortheaccuracyoftheinformationcontainedinthisspecialresolutionnumber1andcertifythat,tothebestoftheirknowledgeandbelief,therearenootherfacts,theomissionofwhichwouldmakeanystatementsfalseormisleadingandthattheyhavemadeallreasonableenquiriesinthisregard,andthatthisspecialresolutioncontainsallinformationrequiredbylawandtheListingsRequirements.

Therearenolegalorarbitrationproceedings(includinganyproceedingsthatarependingorthreatenedofwhichthegroupisaware),whichmayhaveorhavehadamaterialeffectonthegroup’sfinancialpositionoverthelast12months.

record dates

The record date on which shareholders must be recorded as such in the register of shareholders of theCompanyforthepurposesofreceivingthisnoticeisFriday,6December2013.

The record date on which shareholders must be recorded as such in the register of shareholders of theCompanyforthepurposesofbeingentitledtoattend,participateandvoteatthegeneralmeetingisFriday,3 January 2014. The last day to trade to be entitled to vote at the general meeting is Tuesday,24December2013.

Who may attend and vote

Ifyouholddematerialisedshareswhichareregisteredinyournameorifyouaretheregisteredholderofcertificatedshares:

• Youmayattendthegeneralmeetingofshareholdersinperson;

• Alternatively, youmayappoint a proxyorproxies,whoneednot be a shareholder of theCompany torepresentyouat thegeneralmeetingof shareholdersbycompleting theattached formofproxy (blue)in accordance with the instructions it contains and returning it to Computershare Investor ServicesProprietaryLimited,GroundFloor,70MarshallStreet,Johannesburg,2001(POBox61051,Marshalltown,2107)(“transfersecretaries”)tobereceivednotlaterthan10:00onFriday,10January2014.Anyformofproxynothandedinordeliveredbythistimemaybehandedtothechairmanofthegeneralmeetingimmediatelybeforetheappointedproxyexercisesanyoftheshareholder’srightsatthegeneralmeeting.

Ifyouholddematerialisedshareswhicharenotregisteredinyournameand:

• Wishtoattendthegeneralmeetingofshareholders,youmustobtainthenecessaryletterofrepresentationfromyourCentralSecuritiesDepositoryParticipant(“CSDP”),brokerornominee;

• Donotwishtoattendthegeneralmeetingofshareholdersbutwouldlikeyourvotetoberecordedatthegeneralmeeting,youshouldcontactyourCSDP,brokerornomineeandfurnishthemwithyourvotinginstructions;

• Youmustnotcompletetheattachedformofproxy(blue).

Ashareholderwhoisentitledtoattendandvoteatthegeneralmeetingisentitled,bycompletingtheattachedformofproxy(blue)anddeliveringittotheCompanyinaccordancewiththeinstructionsonthatformofproxy, to appoint one or more proxies to attend, participate in and vote at the general meeting in thatshareholder’splace.AproxyneednotbeashareholderoftheCompany.

IntermsoftheListingsRequirementsandtheprovisionsofsection115(4)oftheAct,thesubsidiaries(andtheirassociates)willbeexcludedfromvotingonthespecialresolutionofshareholdersrequiredtoauthorisethespecificrepurchase.

22

electronic participation

Shareholders wishing to participate electronically at the general meeting are required to deliver writtennoticetotheCompanysecretary,withacopytothetransfersecretaries,attheapplicableaddressesassetoutbelow,bynolaterthanat10:00onMonday,6January2014,statingthattheywishtoparticipateviaelectroniccommunication at the general meeting (“the electronic notice”). Any reference to “shareholder” in thisparagraphincludesareferencetothatshareholder’sproxy.

Notethatshareholderswillmerelybeabletoparticipate,butnotvote,viaelectroniccommunication.

Inorderfortheelectronicnoticetobevaliditmustcontain:

(a) iftheshareholderisanindividual,acertifiedcopyofhis/heridentitydocumentand/orpassport;

(b) iftheshareholderisnotanindividual,acertifiedcopyofaresolutionbytherelevantentityandacertifiedcopyoftheidentitydocumentsand/orpassportsofthepersonswhopassedtherelevantresolutionandtherelevantresolutionmustsetoutwhofromtherelevantentityisauthorisedtorepresenttherelevantentityatthegeneralmeetingviaelectroniccommunication;

(c) avalidemailaddressand/orfacsimilenumber(thecontactaddress/number).

Bynolaterthan48hourspriortothetimeofthegeneralmeeting,theCompanyshalluse itsreasonableendeavourstocommunicatewitheachshareholderwhohasdeliveredavalidelectronicnotice,bynotifyingsuchshareholderatitscontactaddress/numberoftherelevantdetailsthroughwhichtheshareholdercanparticipateviaelectroniccommunication.

TheCompanyreservestherightnottoprovideforelectronicparticipationatthegeneralmeetingintheeventthatitprovesnotpracticaltodoso.ThecostsofaccessinganymeansofelectronicparticipationprovidedbytheCompanywillbebornebytheshareholdersoaccessingtheelectronicparticipation.

appraisal rights for dissenting shareholders

Intermsofsection164oftheCompaniesAct,atanytimebeforespecialresolutionnumber1assetoutinthisnotice is voted on, a dissenting shareholder may give the Company a written notice objecting to specialresolutionnumber1.

Anysuchdissentingshareholdermustalsovoteagainstspecialresolutionnumber1atthegeneralmeeting.

Within10businessdaysaftertheCompanyhasadoptedspecialresolutionnumber1,theCompanymustsendanoticethatspecialresolutionnumber1hasbeenadoptedtoeachCaxtonshareholderwho:

– gavetheCompanyawrittennoticeofobjectionascontemplatedabove;and

– hasneitherwithdrawnthatnoticenorvotedinsupportofspecialresolutionnumber1.

ACaxtonshareholdermaydemandthattheCompanypaytheshareholderthefairvalueforalltheCaxtonsharesoftheCompanyheldbythatpersonif:

– theCaxtonshareholderhassenttheCompanyanoticeofobjection;

– theCompanyhasadoptedspecialresolutionnumber1;and

– the Caxton shareholder voted against special resolution number 1 and has complied with all of theproceduralrequirementsofsection164oftheCompaniesAct.

Acopyofsection164oftheCompaniesActissetoutinAnnexureIItothiscircular.

Byorderoftheboard

navin sookaCompanysecretary

12December2013

registered office28WrightStreetIndustriaWestJohannesburg,2093(POBox43587,Industria,2042)

Transfer secretariesComputershareInvestorServicesProprietaryLimited70MarshallStreetJohannesburg,2001(POBox61051,Marshalltown,2107)

PRINTEDBYINCE(PTY)LTD REF.W2CF16956

caxton and cTp publishers and printers ltd(IncorporatedintheRepublicofSouthAfrica)

(Registrationnumber1947/026616/06)Sharecode:CATISIN:ZAE000043345

Preferencesharecode:CATPISIN:ZAE000043352(“Caxton”)

form of proxy

This form of proxy is for use only by certificated shareholders or shareholders who have dematerialised their shares with “own name” registration and who are unable to attend the general meeting of shareholders (“the general meeting”) to be held in the boardroom, caxton house, 368 jan smuts avenue, craighall park, johannesburg at 10:00 on Tuesday, 14 january 2014.

Dematerialised shareholders are advised to contact their central securities Depository participant (“csDp”) or broker with their voting instructions in respect of the general meeting. Dematerialised shareholders who wish to attend the general meeting should obtain a letter of representation from their csDp or broker.

I/We

(FullnameinBLOCKLETTERS)

of(address)

beingtheholderof

ordinarysharesinthecapitaloftheCompany,doherebyappoint(seenotes):

1. orfailinghim/her,

2. orfailinghim/her,

3. thechairmanofthegeneralmeeting,

asmy/ourproxy to attendand speak forme/usandonmy/ourbehalf at thegeneralmeetingandat anyadjournmentthereofandtovoteorabstainfromvotingasindicatedonthespecialresolutiontobeconsideredatthegeneralmeeting:

In favour of against abstain

special resolution number 1 (specific share repurchase)

note: Pleaseindicatewithan“X”orthenumberofsharesinthespacesabovehowyouwishyourvotestobecast.Ifnoindicationisgiven,theproxywillvoteorabstaininhis/herdiscretion.

AnyordinaryshareholderoftheCompanyentitledtovoteatthegeneralmeetingmayappointaproxyorproxiestoattend,speakandvoteinhis/herstead.AproxyneednotbeashareholderoftheCompany.

Everypersonpresentandentitledtovoteatthegeneralmeetingshall,onashowofhands,haveonevoteonly,andonapoll,shallhaveonevoteforeveryordinaryshareheldorrepresented.

Signedat on 2013/2014

Signature/s

NameinBLOCKLETTERS(fullnameifsigninginrepresentativecapacity–seenote6)

Assistedby(whereapplicable)(statecapacityandfullname)

please read the notes appearing on the reverse hereof.

Instructions for signing and lodging this form of proxy:1. Thisformofproxyshouldonlybeusedbycertificatedshareholdersorshareholderswhohavedematerialisedtheirshareswithownnameregistration.2. AllothershareholderswhohavedematerialisedtheirsharesthroughaCSDPorbrokerandwishtoattendthegeneralmeeting,mustprovidetheCSDPorbrokerwiththeir

votinginstructionsintermsoftherelevantcustodyagreemententeredintobetweenthemandtheCSDPorbroker.3. Ashareholdermayinsertthename/sofoneormoreproxies,noneofwhomneedbeamemberoftheCompany,inthespaceprovided,withorwithoutdeleting“thechairman

ofthegeneralmeeting”.Thepersonwhosenameappearsfirstonthisformofproxyandwhoispresentatthegeneralmeetingwillbeentitledtoactasproxytotheexclusionofthosewhosenamesfollow.Intheeventthatnonamesareindicated,theproxyshallbeexercisedbythechairmanofthegeneralmeeting.

4. Ashareholder’sinstructionsonthisformofproxymustbeindicatedbytheinsertionofan“X”orthenumberofsharesintheappropriatespaceprovided.Failuretocomplywiththeabovewillbedeemedtoauthorisethechairmanofthegeneralmeeting,ifthechairmanistheauthorisedproxy,tovoteinfavourofthespecialresolutionatthegeneralmeeting,oranyotherproxytovoteor toabstainfromvotingat thegeneralmeetingashe/shedeemsfit inrespectofallof theshareholder’svotesexercisable thereat.Ashareholderorhis/herproxy isnotobliged touseall thevotesexercisableby theshareholderorhis/herproxy,but the totalof thevotescastand inrespectwhereofabstentionsarerecordedmaynotexceedthetotalofthevotesexercisablebytheshareholderorbyhis/herproxy.

5. Inordertobeeffective,completedformsofproxymustreachtheregisteredofficeoftheCompanyorthetransfersecretariesby10:00onFriday,10January2014.6. Thecompletionandlodgingofthisformofproxyshallinnowayprecludetheshareholderfromattending,speakingandvotinginpersonatthegeneralmeetingtothe

exclusionofanyproxyappointedintermshereof.7. Shouldthisformofproxynotbecompletedand/orreceivedinaccordancewiththesenotes,thechairmanmayacceptorrejectit,providedthat,inthecaseofacceptance,the

chairmanissatisfiedastothemannerinwhichtheshareholderwishestovote.8. Documentaryevidenceestablishingtheauthorityofthepersonsigningthisformofproxyinarepresentativeorotherlegalcapacitymustbeattachedtothisformofproxy

unlesspreviouslyrecordedbythetransfersecretariesorwaivedbythechairmanofthegeneralmeeting.9. Thechairmanshallbeentitledtorejecttheauthorityofapersonsigningthisformofproxy:

9.1 underapowerofattorney;or9.2 onbehalfofacompany,

unless that person’s power of attorney or authority is deposited at the registered office of the Company or the transfer secretaries not less than 48 hours before thegeneral meeting.

10. Wheresharesareheldjointly,alljointholdersarerequiredtosignthisformofproxy.11. Aminormustbeassistedbyhis/herparentorguardianunlesstherelevantdocumentsestablishinghis/herlegalcapacityareproducedorhavebeenregisteredbythetransfer

secretaries.12. Anyalterationoforcorrectiontothisformofproxymustbeinitialledbythesignatory/ies.13. Onashowofhands,everyshareholderpresentinpersonorrepresentedbyproxyshallhaveonlyonevote,irrespectiveofthenumberofshareshe/sheholdsorrepresents.14. Onapoll,everyshareholderpresentinpersonorrepresentedbyproxyshallhaveonevoteforeveryshareheldbysuchshareholder.15. Aresolutionputtothevoteshallbedecidedbyashowofhands,unless,beforeoronthedeclarationoftheresultsoftheshowofhands,apollshallbedemandedbyanyperson

entitledtovoteatthegeneralmeeting.summary of rIghTs esTablIsheD In Terms of secTIon 58 of The companIes acT, no. 71 of 2008Intermsofsection58oftheCompaniesAct,2008(asamended)(“Act”):1.1 ashareholdermay,atanytimeandinaccordancewiththeprovisionsofsection58oftheAct,appointanyindividual(includinganindividualwhoisnotashareholder)asa

proxytoparticipatein,andspeakandvoteat,ashareholders’generalmeetingonbehalfofsuchshareholder(section58(1)(b));1.2 aproxymaydelegatehis/herorhisauthoritytoactonbehalfofashareholdertoanotherperson,subjecttoanyrestrictionsetoutintheinstrumentappointingsuchproxy

(“proxyinstrument”)(section58(3)(b))(butseenote16);1.3 irrespectiveoftheformofinstrumentusedtoappointaproxy:

1.3.1 theappointmentofaproxyissuspendedatanytimeandtotheextentthattherelevantshareholderchoosestoactdirectlyandinpersonintheexerciseofanyofsuchshareholder’srightsasashareholder(seenote5)(section58(4)(a));

1.3.2 anyappointmentbyashareholderofaproxyisrevocable,unlesstheformofinstrumentusedtoappointsuchproxystatesotherwise(section58(4)(b));and1.3.3 ifanappointmentofaproxyisrevocable,ashareholdermayrevoketheproxyappointmentby:(i)cancellingitinwriting,ormakingalaterinconsistentappointment

ofaproxyand(ii)deliveringacopyoftherevocationinstrumenttotheproxyandtotheCompany(section58(4)(c));1.4 aproxyappointedbyashareholderisentitledtoexercise,orabstainfromexercising,anyvotingrightofsuchshareholderwithoutdirection,excepttotheextentthatthe

Company’sMOI,ortheinstrumentappointingtheproxy,providesotherwise(section58(7))(seenote3);1.5 the revocation of a proxy appointment constitutes a complete and final cancellation of the proxy’s authority to act on behalf of the shareholder as of the later

of the date stated in the revocation instrument, if any, or the date on which the revocation instrument was delivered as contemplated in paragraph 1.3.3 above(section58(5));

1.6 iftheproxyinstrumenthasbeendeliveredtoacompany,aslongasthatappointmentremainsineffect,anynoticerequiredbytheActortheCompany’sMOItobedeliveredbytheCompanytotheshareholdermustbedeliveredbytheCompanytotheshareholder(section58(6)(a)),ortheproxyorproxies,iftheshareholderhasdirectedtheCompanytodosoinwritingandpaidanyreasonablefeechargedbytheCompanyfordoingso(section58(6)(b));

1.7 iftheCompanyissuesaninvitationtoshareholderstoappointoneormorepersonsnamedbytheCompanyasaproxy,orsuppliesaformofproxyinstrument:1.7.1 theinvitationmustbesenttoeveryshareholderentitledtonoticeofthegeneralmeetingatwhichtheproxyisintendedtobeexercised(section58(8(a));and1.7.2 theinvitationorformofproxyinstrumentsuppliedbytheCompanymust:

1.7.2.1 bearareasonablyprominentsummaryoftherightsestablishedinsection58oftheAct(section58(8)(b)(i));1.7.2.2 containadequateblankspace,immediatelyprecedingthename(s)ofanyperson(s)namedinit,toenableashareholdertowritethename,andifdesired,an

alternativenameofaproxychosenbytheshareholder(section58(8)(b)(ii));and1.7.2.3 provideadequatespacefortheshareholdertoindicatewhethertheappointedproxyistovoteinfavouroforagainstanyresolution(s)tobeputatthegeneral

meeting,oristoabstainfromvoting(section58(8)(b)(iii));1.8 theCompanymustnotrequirethattheproxyappointmentbemadeirrevocable(section58(8)(c));and1.9 theproxyappointmentremainsvalidonlyuntiltheendofthegeneralmeetingatwhichitwasintendedtobeused,subjecttoparagraph1.5above.notes:1. Eachshareholderisentitledtoappointone(ormore)proxies(noneofwhomneedbeashareholderofCaxton)toattend,speakandvoteinplaceofthatshareholderatthe

generalmeeting.2. Ashareholdermayinsertthenameofaproxyorthenamesoftwoalternativeproxiesoftheshareholder’schoiceinthespace/sprovidedwithorwithoutdeleting“thechairman

ofthegeneralmeeting”buttheshareholdermustinitialanysuchdeletion.Thepersonwhosenamestandsfirstonthisformofproxyandwhoispresentatthegeneralmeetingwillbeentitledtoactasproxytotheexclusionofthosewhosenamesfollow.

3. Ashareholder’sinstructionstotheproxymustbeindicatedbytheinsertionoftherelevantnumberofvotesexercisablebytheshareholderintheappropriatespaceprovided.4. Failuretocomplywiththeabovewillbedeemedtoauthoriseanddirectthechairmanofthegeneralmeeting,ifthechairmanistheauthorisedproxy,tovoteinfavourofthe

specialresolution,oranyotherproxytovoteorabstainfromvotingatthegeneralmeetingashe/shedeemsfit,inrespectofalltheshareholder’svotesexercisableatthegeneralmeeting.

5. Completedformsofproxyandtheauthority(ifany)underwhichtheyaresignedmustbelodgedwithorpostedtothetransfersecretaries:ComputershareInvestorServicesProprietaryLimited,GroundFloor,70MarshallStreet,Johannesburg,2001(POBox61051,Marshalltown,2107)topreferablybereceivedbynolaterthan48hoursbeforethecommencementofthegeneralmeeting(oranyadjournmentorpostponementofthegeneralmeeting)orhandedtothechairmanofthegeneralmeetingatanytimebeforetheappointedproxy/iesexercise/sanyoftherelevantshareholder’srightsatthegeneralmeeting(oranyadjournmentorpostponementofthegeneralmeeting),providedthatshouldashareholderlodgeaformofproxywiththetransfersecretariesateitheroftheaboveaddresseslessthan48hoursbeforethegeneralmeeting,suchshareholderwillalsoberequiredtofurnishacopyofsuchformofproxytothechairmanofthegeneralmeetingbeforetheappointedproxyexercisesanyofsuchshareholder’srightsatthegeneralmeeting(oranyadjournmentofthegeneralmeeting).

6. Thecompletionandlodgingofthisformofproxywillnotprecludetherelevantshareholderfromattendingthegeneralmeetingandspeakingandvotinginpersonthereattotheexclusionofanyproxyappointedintermshereof,shouldsuchshareholderwishtodoso.

7. Thechairmanofthegeneralmeetingmayacceptorrejectanyformofproxynotcompletedand/orreceivedinaccordancewiththesenotesorwiththememorandumofincorporationofCaxton.

8. Anyalterationorcorrectionmadetothisformofproxymustbeinitialledbythesignatory/ies.9. Documentaryevidenceestablishingtheauthorityofapersonsigningthisformofproxyinarepresentativecapacity(e.g.foracompany,closecorporation,trust,pensionfund

deceasedestate,etc.)mustbeattachedtothisformofproxy,unlesspreviouslyrecordedbyCaxtonorthetransfersecretaries.10. Wherethisformofproxyissignedunderpowerofattorney,suchpowerofattorneymustaccompanythisformofproxy,unlessithasbeenregisteredbyCaxtonorthetransfer

secretariesorwaivedbythechairmanofthegeneralmeeting.11. Wheresharesareheldjointly,alljointholdersarerequiredtosignthisformofproxy.12. Ashareholderwhoisaminormustbeassistedbyhis/herparent/guardian,unlesstherelevantdocumentsestablishinghis/herlegalcapacityareproducedorhavebeen

registeredbyCaxtonorthetransfersecretaries.13. Dematerialisedshareholderswhodonotownsharesin“ownname”dematerialisedformandwhowishtoattendthegeneralmeeting,ortovotebywayofproxy,mustcontact

theirCSDP,brokerornomineewhowillfurnishthemwiththenecessaryletterofrepresentationtoattendthegeneralmeetingortoberepresentedthereatbyproxy.Thismustbedoneintermsoftheagreementbetweentheshareholderandhis/herCSDP,brokerornominee.

14. Thisformofproxyshallbevalidatanyresumptionofanadjournedorpostponedgeneralmeetingtowhichitrelates,althoughthisformofproxyshallnotbeusedattheresumptionofanadjournedorpostponedgeneralmeetingifitcouldnothavebeenusedatthegeneralmeetingfromwhichitwasadjournedorpostponedforanyreasonotherthanitwasnotlodgedtimeouslyforthemeetingfromwhichtheadjournmenttookplace.Thisformofproxyshall,inadditiontotheauthorityconferredbytheAct,exceptinsofarasitprovidesotherwise,bedeemedtoconferthepowertoactatthegeneralmeetinginquestion,subjecttoanyspecificdirectioncontainedinthisformofproxyastothemannerofvoting.

15. Avotegiveninaccordancewiththetermsofaninstrumentofproxyshallbevalid,notwithstandingthedeathormentaldisorderoftheprincipalorrevocationoftheproxyoroftheauthorityunderwhichtheproxywasexecuted,providedthatnointimationofsuchdeath,insanity,revocationortransferasaforesaidshallhavebeenreceivedbythetransfersecretariesbeforethecommencementofthemeetingoradjournedmeetingatwhichtheproxyisused.

16. Anyproxyappointedpursuanttothisformofproxymaynotdelegatehis/herauthoritytoactonbehalfoftherelevantshareholder.17. Intermsofsection58oftheAct,unlessrevoked,anappointmentofaproxypursuanttothisformofproxyremainsvalidonlyuntiltheendofthegeneralmeetingorany

adjournmentorpostponementofthegeneralmeeting.