THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTIONThe definitions commencing on page 5 of this Circular apply throughout this Circular including this cover page (unless the context indicates a contrary intention).If you are in any doubt as to the action you should take, please consult your Broker, CSDP, banker, accountant, attorney or other financial advisor.If you have disposed of some or all of your ordinary shares in DRDGOLD, then this Circular should be handed to the purchaser of such shares or the Broker, CSDP, banker, accountant, attorney or other financial advisor.Full details of the actions required by Shareholders or holders of any other documents of title in respect of DRDGOLD Shares are set out on page 2 of this Circular.

(Incorporated in the Republic of South Africa)Registration number 1895/000926/06

JSE share code: DRDISIN: ZAE000058723

NYSE trading symbol: DRD(“DRDGOLD” or the “Company”)

CIRCULAR TO DRDGOLD SHAREHOLDERSrelating to:

• the proposed acquisition by the Company of Khumo Gold SPV Proprietary Limited’s 20% interest in Ergo Mining Operations Proprietary Limited in exchange for 35  000 000 new DRDGOLD ordinary shares; and

• the proposed acquisition by the Company of the DRDSA Empowerment Trust’s 6% interest in Ergo Mining Operations Proprietary Limited in exchange for 10 500 000 new DRDGOLD ordinary shares,

and incorporating:

• a notice of general meeting; and

• a form of proxy (blue) for use by Certificated Shareholders and “own-name” Dematerialised Shareholders only.

Corporate advisor and sponsor to DRDGOLD

Corporate advisor to Khumo Independent expert

Attorneys Tax attorneys Reporting accountants

Date of issue: 6 May 2014This Circular is available in English only. Copies may be obtained at the registered address of the Company and the Transfer Secretary whose details are set out in the “Corporate information and advisors” section of this Circular.

CORPORATE INfORMATION AND ADVISORS

Company secretary and registered office WebsiteTJ GwebuDRDGOLD LimitedQuadrum Office Park1st Floor, Building 150 Constantia BoulevardConstantia Kloof Ext 28Roodepoort1709South Africa(PO Box 390, Maraisburg, 1700)

www.drdgold.com

Date and place of incorporation

16 February 1895Pretoria, South Africa

Corporate Advisor and Sponsor to DRDGOLD AttorneysOne Capital(Registration number 2009/021943/07)17 Fricker RoadIllovoJohannesburg2196South Africa(PO Box 784573, Sandton, 2146)

Malan Scholes Incorporated(Registration number 2006/028137/21)East Building85 Central StreetHoughtonJohannesburg(Postnet Suite 324, Private Bag X1, Melrose Arch Johannesburg, 2076)

Independent expert Independent reporting accountants and auditorsPricewaterhouseCoopers Corporate Finance Proprietary Limited(Registration number 1970/003711/07)2 Eglin RoadSunninghill2157South Africa(Private Bag X36, Sunninghill, 2157)

KPMG Inc.(Registration number 1999/021543/21)85 Empire RoadParktown2193South Africa(Private Bag 9, Parktown, 2122)

Corporate Advisor to Khumo Tax attorneysAfterguard Advisors Proprietary Limited(Registration number 2006/039121/07)2nd Floor, Fedgroup Place35 Willie van Schoor AvenueBellville7530(PO Box 3209, Tyger Valley, 7536)

Edward Nathan Sonnenbergs Incorporated(Registration number 2006/018200/21)150 West StreetSandton2196(PO Box 783347, Sandton, 2146)

Transfer secretaries

South Africa United Kingdom (and bearer office)Link Market Services South Africa Proprietary Limited(Registration number 2000/007239/07)13th Floor, Rennie House19 Ameshoff Street, corner BiccardBraamfonteinJohannesburg2001South Africa(PO Box 4844, Johannesburg, 2000)

Capita Asset Services (formerly called Capital IRG Plc)The Registry PXS34 Beckenham RoadBeckenham, BR3 4TUUnited KingdomTel: +44 (0) 20 8639 3399Fax: +44 (0) 20 8639 2487

Australia ADR depositaryComputershare Investor Service Proprietary LimitedLevel 245 St George’s TerracePerth, WA 6000AustraliaTel: +61 8 9323 2000Tel: 1300 55 2949 (in Australia)Fax: +61 8 9323 2033

The Bank of New York Mellon101 Barclay StreetNew York 10286United States of AmericaTel: +1 212 815 8223Fax: +1 212 571 3050

french agentsCACEIS Corporate Trust14 rue Rouget de Lisle92862 Issy-les-MoulineauxCedex 9FranceTel: +33 1 5530 5900Fax: +33 1 5530 5910

1

Contents

Page

Corporate information and advisors Insidefrontcover

Action required by shareholders 2

Important dates and times 4

Definitions 5

Circular to shareholders

1. INTRODUCTIONANDPURPOSEOFTHISCIRCULAR 10

2. RATIONALEFORTHETRANSACTION 11

3. DETAILSOFTHETRANSACTION 11

4. FINANCIALEFFECTS 13

5. MAJORSHAREHOLDERS 14

6. RELATEDPARTYANDVOTING 15

7. FAIRNESSOPINION 15

8. LITIGATION 15

9. DIRECTORS’RESPONSIBILITYSTATEMENT 17

10. MATERIALCHANGES 17

11. MATERIALCONTRACTS 17

12. OPINIONANDRECOMMENDATION 18

13. CONSENTS 18

14. GENERALMEETING 18

15. PRELIMINARYExPENSES 19

16. DOCUMENTSAVAILABLEFORINSPECTION 19

Annexure 1: Fairnessopinion 20

Annexure 2: Pro formaconsolidatedstatementofprofitorlossandothercomprehensiveincomeandcondensedconsolidatedstatementoffinancialposition 25

Annexure 3: Independentreportingaccountants’assurancereportonthecompilationofpro formafinancialinformation 29

notice of general meeting 31

Form of proxy (blue) Attached

2

ACtIon requIreD by shAreholDers

The definitions commencing on page 5 of this Circular apply mutatis mutandis to this section.

ThisCircularisimportantandrequiresyourimmediateattention.Ifyouareinanydoubtastowhatactiontotake,pleaseconsultyourBroker,CSDP,banker,accountant,attorneyorotherfinancialadvisor. IfyouhavedisposedofyourShares,thisCircularshouldbeforwardedtothepurchaserofsuchSharesortheBroker,CSDPorotheragentthroughwhomthedisposalwaseffected.

TheGeneralMeetingofShareholderswillbeheldat09:00onFriday,27June2014attheregisteredofficeof the Company, at Quadrum Office Park, Building 1, 50 Constantia Boulevard, Constantia Kloof Ext 28,Roodepoort,1709,SouthAfrica,toconsiderand,ifdeemedfit,topasstheordinaryresolutionsassetoutintheNoticeformingpartofthisCircular.

DrDGolD preference shareholders may attend the General Meeting but are not entitled to vote.

Action required by Certificated shareholders

(i) Youareentitledtoattendandvote,orberepresentedbyproxy,attheGeneralMeeting.

(ii) IfyouareunabletoattendtheGeneralMeeting,butwishtoberepresentedthereat,youmustcompleteandreturntheattachedformofproxy(blue),inaccordancewiththeinstructionscontainedtherein,totheTransferSecretary,LinkMarketServicesSouthAfrica(Proprietary)Limited,13thFloor,RennieHouse,19AmeshoffStreet,cornerBiccard,Braamfontein,Johannesburg,2001(POBox4844,Johannesburg,2000),emailedto:Meetfax@linkmarketservices.co.zaorfaxedto:0866742450,tobereceivednolaterthan09:00onWednesday,25June2014.

Action required by Dematerialised shareholders

IfyouholdDematerialisedSharesotherthanwith“ownname”registration:

(i) Voting at the General Meeting

– YourBrokerorCSDPshouldcontactyoutoascertainhowyouwishtocastyourvoteattheGeneralMeetingandthereaftercastyourvoteinaccordancewithyourinstructions.

– IfyouhavenotbeencontactedbyyourBrokerorCSDP,itisadvisableforyoutocontactyourBrokerorCSDPandfurnishthemwithyourvotinginstructions.

– If your Broker or CSDP does not obtain voting instructions from you, it will be obliged to vote inaccordancewiththe instructionscontained inthecustodyagreementconcludedbetweenyouandyourBrokerorCSDP.

– Youmustnot completetheattachedformofproxy(blue).

(ii) Attendance and representation at the General Meeting

InaccordancewiththemandatebetweenyouandyourBrokerorCSDP,youmustadviseyourBrokerorCSDPifyouwishtoattendtheGeneralMeetingandyourBrokerorCSDPwillissuethenecessaryletterofrepresentationtoyoutoattendtheGeneralMeeting.

If you hold dematerialised shares with “own name” registration:

(i) Voting and attendance at the General Meeting

YoumayattendtheGeneralMeetinginpersonandmayvoteattheGeneralMeeting.

Alternatively,youmayappointaproxytorepresentyouattheGeneralMeetingbycompletingtheattachedformofproxy(blue) inaccordancewiththeinstructionscontainedthereinandreturningittotheTransferSecretary,tobereceivednolaterthan09:00onWednesday,25June2014.

3

holders of share warrants to bearer

TheholderofasharewarranttobearerwhowishestoattendorberepresentedattheGeneralMeetingmustdeposithissharewarrantatthebearerreceptionofficeofCapitaIRGplc,TheRegistry,34BeckenhamRoad,Beckenham,Kent,BR34TUormustdeposithissharewarrantattheofficeoftheFrenchagents,CACEISCorporate Trust, 14 rue Rouget de Lisle, 92862 Issy-les-Moulineaux, Cedex 9, France, in both cases nolaterthan48hoursbeforethedateappointedfortheholdingoftheGeneralMeeting(whichperiodexcludesSaturdays,Sundaysandpublicholidays)andshallotherwisecomplywiththe“Conditionsgoverningsharewarrants”currentlyinforce.ThereuponaformofproxyoranattendanceformunderwhichsuchsharewarrantholdermayberepresentedattheGeneralMeetingshallbeissued.

ADr holders

Holders of ADRs will receive forms of proxy printed by The Bank of New York Mellon, which should becompleted and returned in accordance with the instructions printed on such forms of proxy. BeneficialholderswhoholdtheirADRsinbookentryformshouldreceivetheirproxycardandvotinginstructionsfromtheir broker/s.

DrDGolD does not take responsibility and will not be held liable for any failure on the part of a CsDP, nominee or broker of a shareholder holding dematerialised shares to notify such shareholder of the General Meeting or any business to be conducted thereat, or to validly authorise a shareholder to attend or vote thereat.

4

IMPortAnt DAtes AnD tIMes

2014

RecorddateforShareholdersinordertobeeligibletoreceivethisCircular Friday,25April

CircularpostedtoShareholderson Tuesday,6May

DetailsoftheGeneralMeetingreleasedonSENSon Tuesday,6May

Documentsavailableforinspectionfrom Wednesday,7May

LastdaytotradeinSharesinordertobeeligibletoparticipateinandvoteattheGeneralMeeting Thursday,12June

RecorddateinordertobeeligibletoparticipateinandvoteattheGeneralMeeting Friday,20June

LastdaytolodgeformsofproxywiththeTransferSecretarytovoteattheGeneralMeetingby09:00on(seenote4below) Wednesday,25June

GeneralMeetingtobeheldat09:00on Friday,27June

ResultsofGeneralMeetingreleasedonSENSon Friday,27June

notes:

1. Thesedatesandtimesaresubjecttochange.AnychangeswillbereleasedonSENS.

2. AlltimesgiveninthisCircularareSouthAfricantimes.

3. FormsofproxysubmittedfortheGeneralMeetingwillremainvalidinrespectofanyadjournedorpostponedgeneralmeeting.

4. AnyformofproxynotdeliveredtotheTransferSecretarybythistimemaybehandedtotheChairpersonoftheGeneralMeetingatanytimebeforetheappointedproxyexercisesanyoftheShareholder’srightsattheGeneralMeeting.

5

DeFInItIons

InthisCircularanditsappendices,unlessotherwisestatedorthecontextotherwiseindicates,thewordsinthefirstcolumnshallhavethemeaningsstatedoppositetheminthesecondcolumn,thesingularincludesthepluralandvice versa andwordsimportingnaturalpersonsshallincludecorporationsandassociationsofpersonsandanexpressiondenotinganygendershallincludetheothergender:

“ADR” AmericanDepositaryReceipts;

“Agreements” collectively,theKhumoAgreementandtheTrustAgreement;

“Attorneys” MalanScholesIncorporated(registrationnumber2006/028137/21),a private company duly incorporated under the company laws ofSouthAfrica;

“BEE” blackeconomicempowerment;

“Blyvoor” BlyvooruitzichtGoldMiningCompanyLimited(registrationnumber1937/009743/06),apubliccompanyincorporatedinSouthAfrica;

“Board” the board of directors of DRDGOLD whose names are listed onpage 10ofthisCircular;

“Broker” a“stockbroker”asdefinedintheFinancialMarketsAct;

“BusinessDay” anydayother thanaSaturday,Sundayorofficial publicholiday inSouthAfrica;

“CertificatedShareholder” a holder of certificated Shares, being Shares which have not yetbeendematerialisedintermsofStrate,titletowhichisrepresentedbysharecertificatesorotherdocumentsoftitle;

“Circular” thisCircular toShareholdersdated6May2014andall annexurestheretoincludingtheNoticeandformofproxy;

“ClosingDate” the10thbusinessdayfollowingtheEffectiveDate;

“CompaniesAct” CompaniesAct,No71of2008,asamended;

“ConsiderationShares” collectively, the Khumo Consideration Shares and the TrustConsiderationShares;

“CorporateAdvisorandSponsor” One Capital Advisory Proprietary Limited, trading as One Capital(registration number 2009/021943/07), a private company dulyincorporatedunderthecompanylawsofSouthAfrica;

“CorporateAdvisortoKhumo” Afterguard Advisors Proprietary Limited (registration number2006/039121/07), a private company duly incorporated under thecompanylawsofSouthAfrica;

“CSDP” a “participant” as defined in section 1 of the Financial MarketsAct,beingapersonauthorisedbya licencedcentraldepositorytoperformcustodyandadministrationservicesorsettlementservicesorbothintermsofthecentraldepositoryrules;

“DeemedDividend” the formula used to account for dividends paid by DRDGOLD intheReferencePeriod,andisthetotalRandvalueofdividendspaiddividedbythesumofthetotalnumberofsharesinrespectofwhichdividendsarepaidandtheKhumoConsiderationShares;

“Dematerialised” theprocessbywhichsharesheldbytheholderofcertificatedsharesareconvertedtoandheldinelectronicformasuncertificatedsharesin termsof theStratesystemand recorded in thesub-registerofshareholdersmaintainedbyaCSDP;

6

“DematerialisedShareholder” a holder of Shares which have been incorporated into the Stratesystemandwhicharenolongerevidencedbyphysicaldocumentsoftitle,theevidenceofownershipofwhichisdeterminedelectronically;

“DistributionAmount” theDRDGOLDDividendsAmountplus theLAProceeds less theEMODistributionsAmount;

“DMR” theDepartmentofMineralResources;

“DRDGOLD”or“theCompany”or“theGroup”

DRDGOLDLimited(registrationnumber1895/000926/06),apubliccompanydulyregisteredandincorporatedwithlimitedliabilityunderthecompanylawsofSouthAfrica,theentireissuedsharecapitalofwhichislistedontheJSE;

“DRDGOLDDividendsAmount” theaggregatevalue,inrespectoftheKhumoConsiderationShares/Trust Consideration Shares, of the dividends deemed to accrueto such shares during the Reference Period in accordance withthe Deemed Dividend formula; and the interest deemed to haveaccruedonsuchDeemedDividendsassumingtheyweredepositedintheEscrowAccountfromeachrelevantdividend’spaymentdate,payableincashbyDRDGOLDtoKhumoandtheDRDSATrustontheReferencePeriodCalculationDate;

“DRDSATrust” thetrusteesforthetimebeingoftheDRDSAEmpowermentTrust,a trust lodgedwith theMasterof theHighCourtunder referencenumberI/T2208/2008;

“EffectiveDate” the date of the fulfilment or waiver, as the case may be, of theSuspensiveConditions;

“EMO” Ergo Mining Operations Proprietary Limited (registration number2005/033662/07), a private company duly incorporated under thecompanylawsofSouthAfrica;

“EMODistributionsAmount” theaggregateamountofallcashDistributionsdeclaredandpaidbyEMOinrespectoftheSaleSharesduringtheReferencePeriodlessanyTaxpayablebytheSellerthereon;

“EPS” earningspershare;

“ERGO” Ergo Mining Proprietary Limited (registration number2007/004886/07), a private company duly incorporated under thecompanylawsofSouthAfrica;

“EscrowAccount” individual separate interest-bearing trust accounts, each for thebenefitoftheSellers;

“ERPM” East Rand Proprietary Mines Limited (registration number1893/000773/06), a public company duly incorporated under thecompanylawsofSouthAfrica;

“Exchange” thesecuritiesexchangeoperatedbytheJSE;

“FinancialMarketsAct” theFinancialMarketsAct,No19of2012;

“GeneralMeeting” thegeneralmeetingofShareholderstobeheldat09:00onFriday,27June2014attheregisteredofficeoftheCompany,atQuadrumOfficePark,Building1,50ConstantiaBoulevard,ConstantiaKloofExt28,Roodepoort,1709,SouthAfrica;

“HEPS” headlineearningspershare;

“HistoricallyDisadvantagedPerson” a historically disadvantaged person as defined in section 1 of theMPRDA;

“IAS” InternationalAccountingStandard;

7

“IndependentExpert”or“PwC” PricewaterhouseCoopers Corporate Finance Proprietary Limited,registration number 1970/003711/07, a private company dulyincorporatedunderthecompanylawsofSouthAfrica;

“InsolvencyCondition” the Suspensive Condition to the Transaction pursuant to which,subjecttowaiverorextensionbyDRDGOLD,bythethirdbusinessdayaftertheEffectiveDate,noInsolvencyEventshallhaveoccurredatEMO;

“InsolvencyEvent” an event which, as per the Agreement, shall be deemed to haveoccurredinrelationtotheEMOif:

– EMOisplaced in liquidation,whetherprovisionallyor finally,orenters into business rescue at the instance of any creditor orotherwise,compulsorilyorvoluntarily;or

– any asset/s of EMO is/are attached under a writ of executionissued out of any court, and EMO fails, within 30 days of thedateuponwhichsuchattachmentcametothenoticeofEMO,totakethenecessarystepstohavesuchattachmentsetasideorthereafterfailstopursuesuchstepsexpeditiouslyanddiligently;or

– EMOadopts,orgivesanynotice,ortakesanysteps,toconveneameetingofitsshareholderstoadoptaresolutionplacingEMOin liquidation, whether provisional or final, or initiate businessrescueproceedings;or

– EMOmakesorattemptstomakeorrecommendsageneralofferofcompromisewithanyorallofitscreditors;or

– thedirectorsofEMOrequesttheappointmentofaliquidatororbusinessrescuepractitionerforEMO;or

– EMO has any judgement or other award (“Judgement”) madeagainstitanditfailsto:

(1)appeal against such Judgement (if such Judgement isappealable) or to apply for the rescission thereof (if suchJudgement is a default Judgement) within the prescribedtime limits or thereafter fails to prosecute such appeal orapplication expeditiously and diligently or ultimately fails insuchappealorapplication;or

(2)satisfysuchJudgementwithin30daysafter thedateuponwhichitbecomesawarethereofor,if it lodgesanappealorapplicationreferredtoin(1)abovewithintheprescribedtimelimits,withinthreedaysafteranyothereventreferredtoin(1)above;or

– EMO is insolvent or is, or is deemed for the purposes of anyapplicablelawtobe,unabletopayitsdebtsastheyfalldue;or

– EMObecomesfinanciallydistressedwithinthemeaningofthetermasdefinedintheCompaniesAct;or

– EMOmakesorattemptstomakeanydispositionof,orremovesanyof,itspropertyorassetswiththeintentoforincircumstanceswhich would have the effect of prejudicing its creditors orpreferringonecreditoroveranother;or

– EMOhasreceivedanyapplicationfor,oranywrittenstatementofanintentiontoseek,theliquidationofEMOandsuchapplicationorstatementisnotmerelyfrivolousorvexatious;

8

“JSE” JSE Limited (registration number 2005/022939/06), a privatecompanydulyincorporatedunderthecompanylawsofSouthAfricaand licenced tooperate anexchangeunder theFinancialMarketsAct;

“Khumo” KhumoGoldSPVProprietaryLimited;

“KhumoAcquisition” theacquisitionby theCompanyof200000EMOordinarysharesfromKhumoandallKhumo’sclaimsagainstEMOinexchangefortheKhumoConsiderationShares;

“KhumoAgreement” the formal signed share sale and subscription agreement, and alladdenda thereto dated 17 March 2014, entered into betweenDRDGOLDandKhumoregardingtheKhumoAcquisition;

“KhumoConsiderationShares” 35000000newissuedDRDGOLDShares;

“LA” letterofallocation;

“LAProceeds” intheeventthatDRDGOLDimplementsarightsofferwhichclosesduringtheReferencePeriod,anaggregatecashamounttobepaidbytheCompanytotheSellers,equalto:

– theVWAPofanLA,fortherelevantperiodthatLAsweretradingduringtherelevantrightsoffer,

– multiplied by the number of LAs that the Sellers would havereceived had the Khumo Consideration Shares and the TrustConsiderationSharesbeenissuedandallottedtotheSellersontheSignatureDate;

“LastPracticableDate” 30April2014,beingthe lastpracticabledatebeforefinalisationofthisCircular;

“ListingsRequirements” TheJSEListingsRequirements,asamendedfromtimetotime;

“Lock-InPeriod” thethree-yearperiod,fromtheClosingDate,withinwhichKhumoandtheDRDSATrustshallbepreventedfromdisposingoforcreatinganyencumbranceovertheConsiderationShares;

“Minister” theMinisterofMineralResourcesofSouthAfricaandshallincludeany official in the DMR to which the Minister has delegated herauthoritytoadministeranyoftheprovisionsoftheMPRDA;

“MOI” MemorandumofIncorporation;

“MPRDA” Mineral and Petroleum Resources Development Act, 28 of 2002,asamendedbytheMineralandPetroleumResourcesDevelopmentAmendmentAct,49of2008;

“NAV” netassetvalue;

“NTAV” nettangibleassetvalue;

“Notice” theNoticeofGeneralMeetingformingpartofthisCircular;

“ReferencePeriod” theperiodbetweentheSignatureDateandtheClosingDate;

“ReferencePeriodCalculationDate” the20thbusinessdayaftertheendoftheReferencePeriod;

“ReportingAccountants” KPMGInc.(registrationnumber1999/021543/21),acompanydulyincorporatedinaccordancewiththelawsofSouthAfrica;

“Section102Consents” therequiredconsentsfromtheMinisterpursuanttotheprovisionsofsection102of theMPRDA, toamend the termsof theminingand/orprospectingrightscurrentlyheldbyEMOanditssubsidiariestoreflectthetermsoftheTransaction;

9

“SENS” thestockexchangenewsserviceoftheJSE;

“SaleShares” 260000EMOordinaryshares;

“Shareholders” holdersofShares;

“Sellers” collectively,KhumoandtheDRDSATrust;

“Share” anordinaryshareofnoparvalueinthesharecapitalofDRDGOLD;

“SignatureDate” thedateofsignatureoftheAgreementsbythelastofitssignatories,thisbeingMonday,17March2014;

“SouthAfrica” theRepublicofSouthAfrica;

“Strate” Strate Limited (registration number 1998/022242/06), a publiccompany duly incorporated in accordance with the laws of SouthAfrica,licensedtooperateacentralsecuritiesdepositaryintermsoftheFinancialMarketsAct;

“SuspensiveConditions” the suspensive conditions to the Transaction, as set out inparagraph 3.2ofthisCircular;

“Tax” anytax,duty,levy,surchargeorimpositionofanynaturewhatever,and any penalties or interest payable in respect thereof, whichmaybelawfullyimposedunderthelawsofSouthAfrica,includingsecondarytaxoncompaniesandanytaxondividends;

“Taxattorneys” Edward Nathan Sonnenbergs Incorporated (registration number2006/018200/21), a limited liability company duly registered andincorporatedunderthecompanylawsofSouthAfrica;

“Transaction” collectively,theKhumoAcquisitionandtheTrustAcquisition;

“TransferSecretary” LinkMarketServicesSouthAfrica(Proprietary)Limited(registrationnumber 2000/007239/07), a private company duly registered andincorporatedunderthecompanylawsofSouthAfrica;

“TrustAcquisition” theacquisitionbytheCompanyof60000EMOordinarysharesfromtheDRDSATrustandalltheDRDSATrust’sclaimsagainstEMOinexchangefortheTrustConsiderationShares;

“TrustAgreement” the formal signed share sale and subscription agreement, and alladdenda thereto dated 17 March 2014, entered into betweenDRDGOLDandtheDRDSATrustregardingtheTrustAcquisition;

“TrustConsiderationShares” 10500000newissuedDRDGOLDShares;

“VWAP” volumeweightedaverageprice;and

“ZAR”or“Rand”or“R” SouthAfricanRand.

10

(IncorporatedintheRepublicofSouthAfrica)Registrationnumber1895/000926/06

JSEsharecode:DRDISIN:ZAE000058723

NYSEtradingsymbol:DRD

DirectorsGCCampbell*(Non-executive chairman) (British)DJPretorius(Chief executive officer)FDvanderWesthuizen(Chief financial officer)RPHume*EAJeneker*JTurk*(American)*Independent

CIrCulAr to shAreholDers

1. IntroDuCtIon AnD PurPose oF thIs CIrCulAr

DRDGOLDisamid-tier,unhedgedgoldproducerandaworldleaderinsurfacegoldtailingsretreatment.The Company is structured in a way that has the majority of its operations housed in its operatingsubsidiary,EMO.DRDGOLDcurrentlyowns74%oftheissuedsharecapitalofEMO.

Khumo holds a 20% interest in the issued share capital of EMO comprising 200 000 EMO ordinaryshares.Theremaining6%(60000EMOshares)ofEMO’sissuedsharecapitalisownedbytheDRDSATrust.

OnMonday,17March2014,DRDGOLDenteredintotheKhumoAgreementwithKhumo,theCompany’sblackeconomicempowermentpartner,toacquireKhumo’s20%interestintheissuedsharecapitalofEMOandallitsclaimsagainstEMOinexchangefor35000000newDRDGOLDShares.

DRDGOLDalsosimultaneouslyenteredintotheTrustAgreementwiththeDRDSATrust,EMO’sbroad-basedempowermentshareholder,toacquireits6%interestintheissuedsharecapitalofEMOandallitsclaimsagainstEMOinexchangefor10500000newDRDGOLDShares.

The Khumo Acquisition and the Trust Acquisition collectively comprise the Transaction; however, theKhumoAcquisitionisnotdependentonthesuccessfulcompletionoftheTrustAcquisitionwhereastheTrustAcquisitionisconditionaluponthesuccessfulcompletionoftheKhumoAcquisition.Intheeventthatitissuccessfullyimplemented,theTransactionwillrepresentavalidopportunityforallitsparticipantstobenefitfrom:• the achievement of a tangible and sustainable value realisation mechanism by DRDGOLD’s BEE

partnersaftertheexpiryofathree-yearlock-inperiod;• theintroductionoffurtheroperationalandcapitalmanagementflexibilityforDRDGOLDoveritscore

business;whilst• ensuringregulatorycomplianceandcertaintyinrespectoftheGroup’sexistingminingrights.

The purpose of this Circular is to provide Shareholders with the relevant information relating to theTransactionandtheimplicationsthereofsoastoenablethemtomakeaninformeddecisionastowhetheror not they should vote in favour of the ordinary resolutions necessary to authorise the Company toimplementtheTransaction.

InaccordancewiththeListingsRequirements,theTransactionisCategorisedasacategory2transactionand theKhumoAcquisition is classifiedasa relatedparty transaction.The relatedparty relationshipspertainingtotheKhumoAcquisitionaremorefullydescribedinparagraph6ofthisCircular.

11

2. rAtIonAle For the trAnsACtIon

KhumoandtheDRDSATrusthavebeenDRDGOLD’sBEEpartnerssince2005and2006respectively,and,saveforcertainpre-emptiverightsinfavouroftheotherEMOshareholders,theirrespectiveinterestsinEMOareunencumberedandfreelytransferable.Furthermore,EMOcontrolsDRDGOLD’soperationsthroughitswhollyownedsubsidiariesErgoandERPMtherebyprovidingKhumoandtheDRDSATrustwithcontroloverandabeneficialinterestin26%oftheCompany’soperations.

Inlightoftheabove,DRDGOLDproposestheTransactionforthefollowingreasons:• The Transaction remains subject to obtaining the requisite Section 102 Consents. The successful

procurementoftheSection102ConsentswillensurethattheminingandprospectingrightscurrentlyheldbytheDRDGOLDgroupshallnotbecompromisedasaresultofanydilutionintheBEEownershipcredentialsofEMOand/orDRDGOLD.

• ImplementationoftheTransactionwillresultinDRDGOLDacquiringtheentireissuedsharecapitalofEMOtherebyprovidingDRDGOLDwithunfetteredcontroloverEMOanditsoperationsandcashflow.Furthermore,assumingthattheTransactionissuccessfullyimplemented,allcashdistributionspaidbyEMOaftertheSignatureDateshallaccrueforDRDGOLD’sbenefitfurtheringitsabilitytoefficientlymanagecapitalwithinitscorporate/operatingstructures.

• The successful implementation of the Transaction will result in the streamlining and simplificationofDRDGOLD’scorporateandfinancial reportingstructuresandEMOwillbefullyconsolidated intoDRDGOLD’sfinancialresults.

• KhumoandtheDRDSATrusthavebothagreedtothelock-inperiodwhichprovidesincreasedcertaintyregardingtheircontinuedparticipationasDRDGOLD’sBEEpartners.

• TheTransactionpresentsanopportunitytoprovideKhumoandtheDRDSATrustwiththeabilitytorealisethevalueoftheirinterestsinEMOontheExchangewhichisaliquidmarketandmostlikelytoprovidefairvalue,therebyfurtheringtheobjectivesofBEEinSouthAfrica.

3. DetAIls oF the trAnsACtIon

3.1 salient information on eMo

EMOownsthefollowingoperationsonbehalfofDRDGOLD:• 100%ofErgo,beingDRDGOLD’sgold recovery/tailings retreatmentoperationscomprisinga

seriesofmetallurgicalplantsandpipelinesonthecentralandeasternWitwatersrandofSouthAfrica.TheconsolidatedErgooperationprocessesapproximately2milliontonnesofgoldbearingmaterialpermonth;and

• 100% of ERPM, which holds gold exploration assets together with certain small scale goldmining/recoveryoperationswhichhavebeenorareintheprocessofbeingplacedoncareandmaintenanceordisposedofbyDRDGOLD.

3.2 suspensive Conditions

TheKhumoAcquisition remainssubject to the fulfilmentor, as thecasemaybe,waiverof thefollowingsuspensiveconditionsnamelythat:• bynolaterthan2June2014,allthenecessaryapprovalsforenteringintoandcompletingthe

Transactionmustbeobtained fromthe IssuerRegulationDivisionof theJSE in termsof theListingsRequirements,otherthananyapprovalrelatedtothelistingoftheConsiderationSharesontheExchange;

• bynolaterthan15July2014,ShareholdersandtheKhumoshareholderspassallresolutionsandotherwisegiveallapprovalsnecessarytoapprovetheenteringintooftheAgreementsandtheimplementationoftheTransaction;

• on the firstanniversaryof theSignatureDate, theSection102ConsentsaregrantedandareunconditionalorsubjecttoconditionsacceptabletoDRDGOLD;

• theInsolvencyCondition;and• onthethirdbusinessdayfollowingthefulfilmentoftheSuspensiveConditionstheJSEgrantsall

approvalsnecessaryforthelistingoftheKhumoConsiderationSharesontheExchange.

12

The Trust Acquisition is subject to, mutatis mutandis, the suspensive conditions to the KhumoAcquisition (as listedabove)however, theTrustAcquisition is subject to the further suspensiveconditionthattheKhumoAcquisitionbecomesunconditional.Accordingly,theTrustAcquisitionisconditionalupontheimplementationoftheKhumoAcquisition.

DRDGOLDisentitledtowaivetheInsolvencyCondition.NoneoftheotherSuspensiveConditionsare capable of waiver. Furthermore, DRDGOLD has the once-off right to extend the date forfulfilmentofeachoftheSuspensiveConditionsforaperiodofupto60days.

3.3 Purchase consideration

Thepurchaseconsideration:• inrelationtotheKhumoAcquisition,isanamountofR147000000andwillbesettledbythe

issueandallotmentoftheKhumoConsiderationShares;and• inrelationtotheTrustAcquisitionisanamountofR44100000andwillbesettledbytheissue

andallotmentoftheTrustConsiderationShares;

ontheClosingDate.

TheConsiderationShareswillbeissuedatapriceofR4.20,ontheClosingDate,atwhichpointtheEMOinterestswilltransferintothenameofDRDGOLD.

InordertoensurethatthevalueoftheKhumoConsiderationShares,TrustConsiderationSharesandSaleSharesisretainedthroughouttheReferencePeriod,theAgreementsprovideforthefollowingcashpaymentsinadditiontothepurchaseconsiderationsabove:• AllcashdistributionspaidbyEMOinrespectoftheSaleSharesduringtheReferencePeriod

(“eMo Distributions Amount”)willbepaid intoan interest-bearingescrowaccount for thebenefitofDRDGOLD.TheEMODistributionsAmountand the interestaccrued thereonshallbepaidfromtheEscrowAccounttoDRDGOLDontheReferencePeriodCalculationDate.

• IntheeventthatDRDGOLDpayscashdividendsduringtheReferencePeriod,foreachrelevantdividend declaration, the following formula will be used to calculate the dividends that willbe deemed to accrue separately to each of the Khumo Consideration Shares and the TrustConsiderationShares:

Deemed Dividend = Total Rand value of dividends paid

Total number of shares in respect of which dividends are paid + the Khumo Consideration Shares

• The“DrDGolD Dividends Amount”inrespectoftheKhumo ConsiderationSharesand/ortheTrustConsiderationSharesshallequaltheaggregatevalueof:– thedividendsdeemedtoaccruetosuchsharesduringtheReferencePeriodinaccordance

withtheformulapresentedabove;and– the interest deemed to have accrued on such Deemed Dividends assuming they were

depositedintheEscrowAccountfromeachrelevantdividend’spaymentdate,payableincashbyDRDGOLDtoKhumoandtheDRDSATrustontheReferencePeriodCalculationDate.

• IntheeventthatDRDGOLDimplementsarightsofferwhichclosesduringtheReferencePeriod,DRDGOLDshall,ontheClosingDate,payeachofKhumoandtheDRDSATrustanaggregateamount (“lA Proceeds”), incash,equal to thevolumeweightedaveragepriceofa letterofallocationfortherelevantperiodthatLAsweretradingduringtherelevantrightsoffermultipliedby the number of LAs that they would have received, had the Khumo Consideration SharesandtheTrustConsiderationShares,respectively.ThisshallbecalculatedusingtheunadjustedrelevantrightsofferratioperShareaspublishedonSENSatthattime.

• TheDRDGOLDDividendsAmountplustheLAProceedslesstheEMODistributionsAmountshallequalthe“Distribution Amount”.

• IftheDistributionAmountiscalculatedtobeapositivenumberthat:– in relation to theKhumoAcquisition,exceedsR20000000, then theDistributionAmount

shall be limited to R20 000 000 by first reducing the DRDGOLD Dividends Amount andsecondlyreducingtheLAProceeds,inaggregate,bysuchamount/sasisrequiredtoreducetheDistributionAmounttoR20000000;and

13

– inrelationtotheTrustAcquisition,exceedsR6000000,thentheDistributionAmountshallbe limitedtoR6000000, thentheDistributionAmountshallbe limitedtoR6000000byfirstreducingtheDRDGOLDDividendsAmountandsecondlyreducingtheLAProceeds,inaggregate,bysuchamount/sasisrequiredtoreducetheDistributionAmounttoR6000000.

3.4 lock-in period

Both Khumo and the DRDSA Trust shall, in accordance with the Transaction Agreements, bepreventedfromdisposingoforcreatinganyencumbranceovertheirDRDGOLDsharesreceivedpursuanttotheTransactionforaperiodofthreeyearsfromtheClosingDate.

3.5 section 102 Consent

EMO and its subsidiaries, will be required (with the cooperation of DRDGOLD and Khumo) tocompleteandlodgewiththeDMR,applicationsfortheSection102ConsentsfromtheMinister,toamendthetermsoftheexistingminingrightsandprospectingrightstoreflecttherelevanttermsoftheTransaction,priortotheimplementationoftheTransaction.Itisanticipatedthatitwilltakebetweensixto12monthstoobtainsuchSection102Consents.

3.6 Warranties

TheTransactionissubjecttolimitedwarrantiesthatarenormalforatransactionofthisnature.Inaddition,forthedurationoftheReferencePeriod,theSellerswarranttoDRDGOLDthat:

• theyarethesolebeneficialowneroftheSaleSharesandnothirdpartyhasanyright,titleorinterestofwhatsoevernatureinandtotheSaleShares;

• theywillnotdisposeoforcreateanyencumbranceoveranyoftheSaleSharestoanyotherpartyotherthanDRDGOLDandtheSellersareableandentitledtotransfertoDRDGOLD,freeandunencumberedownershipoftheSaleShares;

• theSaleSharesconstitute100%ofthesharesheldbytheSellersintheissuedsharecapitalofEMO;

• theyshallnotsubscribefororacquireanysharesintheissuedsharecapitaloftheEMOorenterintoanyagreementtodoso;

• theyshallirrevocablysupportthegrantofallapprovalsoftheTransactionthatmayberequiredunderallapplicablelaws,inparticulartheSection102Consents;

• they shall, after having made due enquiry, not make any false or misleading statements,representationsorotherwiseinrelationtoanymatterspertainingtotheSection102ConsentstotheCompany,EMOoranyotherparty,includingtheMinister,theDMRanditsrepresentativesand/oremployees;

• theyshallcontinuetoqualifyasHistoricallyDisadvantagedPersons;and• theyshallnotadvanceanyfundsonshareholders’loanaccountorotherwisetoEMO.

4. FInAnCIAl eFFeCts

Thetablebelowsetsoutthepro formafinancialeffectsoftheTransactiononDRDGOLD’searningspershare,headlineearningspershare,netassetvalue,nettangibleassetvaluepershare,dilutedEPSanddilutedHEPSasdisclosed in theunreviewed resultsof theCompany for thesix-monthperiodended31December2013.

Thepro formafinancialeffectsaretheresponsibilityoftheBoardandhavebeenpreparedforillustrativepurposesonlytoprovideinformationabouthowtheTransactionmayimpactShareholdersattherelevantreportingdates andbecauseof their naturemaynot give a fair reflectionof theCompany’s financialposition,changesinequity,resultsofoperationsorcashflowsorfutureearningsaftertheTransactionhasbeenimplemented.

TheproformafinancialeffectshavebeenpreparedusingaccountingpoliciesthatcomplywithInternationalFinancialReportingStandardsandthatareconsistentwiththoseappliedintheaudited,publishedfinancialstatementsofDRDGOLDfortheyearended30June2013.

14

before thetransaction

(rm) (i)

After theKhumo

Acquisition(rm) (ii) (iii)

Change afterthe KhumoAcquisition

After thetransaction

Change from the

“before thetransaction”

column to after the

transaction

(cents) (cents) (%) (cents) (%)EPS (4.0) (5.8) (45.0) (6.1) (52.5)HEPS (3.0) (4.5) (50.0) (4.9) (63.3)DilutedEPS (4.0) (5.8) (45.0) (6.1) (52.5)DilutedHEPS (3.0) (4.5) (50.0) (4.9) (63.3)NAVpershare 351.4 360.2 2.5 362.7 3.2NTAVpershare 351.4 360.2 2.5 362.7 3.2Numberofsharesin issue 385383767 420383767 9.1 430883767 11.8Weightedaveragenumberofsharesin issue 379190980 414190980 9.2 424690980 12.0

Assumptions and notes:i. Thefiguresincludedinthe“BeforetheTransaction”columnhavebeenextractedwithoutadjustmentfromtheunreviewed

financialresultsofDRDGOLDforthesixmonthsended31December2013.

ii. Acquisitionofthe200000EMOsharesheldbyKhumorepresenting20%ofthetotal26%non-controllinginterestbyissuing35000000newSharesatanaveragepriceofR4.20perShare.TheKhumoAcquisitionisaccountedforasatransactionwithowners in theircapacityasowners inaccordancewithparagraph23of IFRS10,Consolidated Financial Statements.ThedifferenceofR16.2millionbetweenthecarryingvalueofthenon-controllinginterestandthepurchaseconsiderationisaccountedforinequity.KhumohasnoloanclaimsagainstEMO.

iii. Transactioncostshavebeenaccountedforasadeductionfromequityinaccordancewithparagraph35ofIAS32,Financial Instruments:PresentationandamounttoR3.5million.Thetransactioncostsarenotdeductiblefortaxpurposes,beingofacapital nature.

iv. Acquisitionofthe60000EMOsharesheldbytheDRDSATrustrepresenting6%ofthetotal26%non-controllinginterestbyissuing10500000newSharesatanaveragepriceofR4.20perShare.Theacquisitionisaccountedforasatransactionwithowners in theircapacityasowners inaccordancewithparagraph23of IFRS10,Consolidated Financial Statements.ThedifferenceofR4.9millionbetweenthecarryingvalueofthenon-controllinginterestandthepurchaseconsiderationisaccountedforinequity.TheDRDSATrusthasnoloanclaimsagainstEMO.

v. AlladjustmentswiththeexceptionoftransactioncostsareexpectedtohaveacontinuingimpactonDRDGOLD.

TheReportingAccountants’reasonableassurancereport,relatingtothepro formaconsolidatedstatementsofprofitandlossandothercomprehensiveincomeandpro formacondensedconsolidatedstatementoffinancialpositionprovidedinAnnexure2issetoutinAnnexure3tothisCircular.

5. MAJor shAreholDers

AsattheLastPracticableDate,insofarasisknowntotheBoard,thefollowingShareholders(excludingdirectors)directlyorindirectly,arebeneficiallyinterestedin5%ormoreoftheissuedsharecapitalofDRDGOLD:

shareholdernumber of

shares %

TotalShares*heldasADRsbytheBankofNewYorkMellon 192515029 49.95

Individual ADR shareholdings* exceeding 5% of the total issued share capital of DRDGOLD (included in the above total)−SkagenAS 36422880 9.45−VanEckAssociatesCorp. 32079130 8.32

SogesFiducemSA 22168744 5.75

total 214 683 773 55.71

*1 ADR = 10 Shares

15

6. relAteD PArty AnD VotInG

Khumoownsinexcessof10%ofEMO’sissuedsharecapitalandEMOisasubsidiaryofDRDGOLD,makingKhumoamaterialshareholderaspersection10.1(b)(i)oftheListingsRequirements.

Furthermore,DrPasekaNcholoisadirectorofEMO.HeisalsothecontrollingshareholderofKhumoBathongGold(Pty)Ltd,ofwhichKhumoisawhollyownedsubsidiary.Accordingly,DrPasekaNcholoisclassified,inaccordancewiththeListingsRequirements,asarelatedpartytoKhumo.

TheKhumoAcquisitionistherefore,intermsoftheListingsRequirements,classifiedasarelatedpartytransaction requiringShareholderapprovalbywayofamajorityvoteonanordinary resolution (assetoutintheNoticeattachedtothisCircular).AnySharesheldbyKhumoorDrPasekaNcholo,willnotbeentitledtovoteattheGeneralMeeting.

However, thepresenceandvotesof the relatedpartyShareholders referredabovewill be taken intoaccountindeterminingthequorumfortheGeneralMeeting.

7. FAIrness oPInIon

Furthermore, in terms of the Listings Requirements, it is required that the Company appoints anindependentexpertacceptabletotheJSEtoopineonthefairnessoftheKhumoAcquisition.TheBoardhasappointedPWCastheindependentexpert,toprovidetheindependentfairnessopinion.TheyareoftheopinionthatthetermsandconditionsoftheTransactionarefairtoshareholders.PWC’sopinioninthisregardissetoutinAnnexure1ofthisCircular.

8. lItIGAtIon

In the12monthspreceding thedateof thisCircular, the following legalproceedingsaroseor remainpendingfortheGroup:

8.1 litigation regarding environmental issues

On2August2006and4September2006,twovirtuallyidenticalapplicationswerebroughtagainstDRDGOLDanditsdirectorsforreliefundertheMPRDAbytheLegalResourcesCentreonbehalfof the residents of two communities, Davidsonville and Kagiso, who reside adjacent to tailingsdepositionsitesofthenowdormantDurbanRoodepoortDeepmineandofWestWitwatersrandmine,respectively.Whilenofinancialcompensationissought,thecommunitiesareseekingordersfortherevisionoftheenvironmentalmanagementprogrammesofbothsites,andforthesitestoberehabilitatedandclosedinaccordancewithstandardsoftheMPRDA.DRDGOLDhasfileditsAppearancetoDefendandAnsweringAffidavitsinrespectofbothmattersintheHighCourt.Theresponsibilityrestswiththerespondents’attorneystoeitherapplytocourtforadateofhearingorfilereplyingaffidavits.Inthesetwocases,nospecificamountwasclaimed,thereforetherecannotbeanyoutflowofresourcesembodyingeconomicbenefits.

8.2 lawsuit by French shareholders

In August 2008 the company received by post a summons issued in the Tribunal De GrandeInstance(DistrictCourt)ofParisbytheAssociationfortheDefenceoftheShareholdersofEastRand(“the Association”)againstErgoMiningOperationsProprietaryLimited.

Theclaimisbasedonthefollowingallegations:

a. thatthemembersoftheAssociationwereshareholdersofERPM;

b. thatthenon-auditedERPMresultsofthesix-monthperiodfromJulytoDecember1998weremisleadingregardingthe“healthiness”ofERPMpriortoitswindingupin1999;

c. that the1999 liquidationofERPMwas fraudulently approvedby15%ofshareholderswhowererepresentativesoftheSouthAfricanstateagainsttheinterestsofFrenchshareholders;and

d. thatthesubsequentschemeofarrangementtoremoveERPMfromliquidationin1999wasapprovedby15%ofshareholderswithoutconsultationwithFrenchshareholders.

16

Onthebasisoftheseallegations,theAssociationisclaimingapaymentof€5millionfordamages,€10000forcostsandcostsofsuit.EMOhasraisedthepointthattheFrenchcourtslackjurisdictiontohearthematterandalsofileditsdefencesonthemeritsofthecase.On24May2011thecourtrefusedtheAssociation’sapplicationforpostponementandthecasewasstruckofftheroll.Inviewofthefactthataperiodofmorethantwoyearshaspassedsincethecasewasstruckofftheroll,theproceedingshave lapsed.Theprobabilitythatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligationisremote.

8.3 Claim for alleged damages at blyvooruitzicht Gold Mining Company limited

Duffuel Proprietary Limited and Paul Frederick Potgieter are suing DRDGOLD, EMO, Blyvoorand the latter’s directors for alleged pollution of peat reserves which they claim to sell tothemushroomindustry.ThefollowingamountsareclaimedagainstDRDGOLD,EMO,Blyvoorandthelatter’sdirectors:

a. R41051000forlossofpeatreserves;

b. R23657910forremovalandtransportationofthepollutedpeat;

c. R2025000forrequiredpermitsandauthorisations;

d. R1650000forinstallationofpipelines;and

e. R192000forimportationofwater.

Thedefendantsaredefendingthisactionandapleasettingoutthebasisofourdefencehasbeenfiledatcourt.Thepartieswillnowapplytocourtforadateofhearing.Aninvestigationconductedsofarinthismatterindicatesthattheprobabilityofanoutflowofresourcesisremote.Theplaintiffswithdrewtheactionagainstalldefendants.

8.4 Action by ekurhuleni Municipality

TheEkurhuleniMunicipalityhasbroughtanactionagainstERPMclaiminganamountofR42million,which increased to an amount of approximately R54 million as at 13 May 2013, in respect ofoutstandingratesandtaxeswhichareallegedlyowing.ERPMhasemployedexpertstoinvestigatetheallegationsanditappearsthatthisclaimisunfounded.ERPMisdefendingthisactionandhasemployedNortonRoseAttorneystorepresentit.Therearesufficientdefencestorepeltheclaim,thereforetheprobabilityofanoutflowofresourcesisnotprobable.

8.5 silicosis litigation

In January 2013 DRDGOLD, ERPM and 23 other mining companies were served with a courtapplicationforaclassactionissuedintheSouthGautengHighCourtbyallegedformermineworkersanddependantsofdeceasedmineworkers. In thependingapplication theapplicantsallege thatDRDGOLD,ERPMandotherminingcompaniesconductedundergroundminingoperationsinsuchanegligentmannerthattheformermineworkerscontractedsilicosis.

Theapplicantshavenotyetquantifiedtheamountswhichtheywouldliketheminingcompaniestopayasdamages.DRDGOLDandERPMhaveinstructedMalanScholesAttorneystodefendthecase.Thecompaniesarecurrentlygatheringinformationinpreparationforthematter.

Taking intoaccount that thesilicosis claim is still at certificationstageandshouldanyonebringsimilarclaimsagainstDRDGOLDoranyofitssubsidiariesinfuture,thoseclaimantswouldneedtoprovideevidenceprovingthatsilicosiswascontractedwhileintheemploymentoftheCompanyandthatitwascontractedduetonegligenceontheCompany’spart.Thelinkbetweenthecause(negligencebytheCompanywhileinitsemploy)andtheeffect(thesilicosis)willbeanessentialpartofanycase.ItisthereforeuncertainastowhethertheCompanywillincuranycostsrelatedtosilicosisclaimsinthefutureandduetothelimitedinformationavailableonanyclaimsandpotentialclaimsandtheuncertaintyoftheoutcomeoftheseclaims,noreliableestimationcanbemadeforthepossibleobligation.

17

9. DIreCtors’ resPonsIbIlIty stAteMent

The directors of DRDGOLD, whose names are set out on page 10 of this Circular, collectively andindividually,acceptfullresponsibilityfortheaccuracyoftheinformationgivenandcertifythattothebestoftheirknowledgeandbelief,therearenootherfactstheomissionofwhichwouldmakeanystatementfalseormisleadingandthattheyhavemadeallreasonableenquiriestoascertainsuchfactsandthatthisCircularcontainsallinformationrequiredbylawandtheListingsRequirements.

NoneofthedirectorsofDRDGOLDhaveanybeneficialinterestintheTransaction,orhaveorwillhavetheirremunerationvariedasaresultoftheTransaction.

10. MAterIAl ChAnGes

TherehasbeennomaterialchangeinthefinancialortradingpositionoftheCompanysincethepublicationoftheauditedannualfinancialstatementsoftheCompanyfortheyearended30June2013.

Notwithstanding the above, on 4 April 2014, the Company published an announcement on SENSregardingthestatusof itsnewlydevelopedflotationandfinegrindcircuit(“FFG”).TheFFGhasbeeninstalledat theCompany’sErgooperationand involves the introductionof a flotationcircuit, a setoffinegrindmillsandacyanideleachandcarboninpulpcircuit.ReadersofthisCircularareencouragedtoreadtheaforementionedannouncementintermsofwhichtheCompanyadviseditsshareholdersthatthecommissioningoftheFFGhasbeentemporarilydelayedasaresultofmetallurgicalissueswhichisexpectedtoberesolvedincomingmonths.TheimpactofthisdelayinthecommissioningoftheFFGonthefinancialortradingpositionofDRDGOLDwillonlybeestablishedoncetheFFGisrecommissioned.

11. MAterIAl ContrACts

Otherthantheagreementsdetailedbelow,DRDGOLDhasnotenteredintoanymaterialagreements,otherthan intheordinarycourseofbusinessduringthetwoyearsprecedingthedateofthisCircularoratanytimewhichcontainanobligationorsettlementthatismaterialtotheCompany,atthedateofthisCircular:

• ZAR2000000000DomesticMediumTermandHighYieldNoteProgramme(“DMtn Programme”)agreemententeredintobetweenDRDGOLD(“Issuer”),CrownGoldRecoveriesProprietaryLimited(“Crown”),ERPM,EMO,ErgoandABSABankLimited(“AbsA”)dated30June2012.Underthisagreementthe Issuermayfromtimetotime issue loannotestocertain investors.ThemaximumaggregatenominalamountofallsuchnotesfromtimetotimeoutstandingundertheDMTNProgrammemaynotexceedR2000000000(twobillionSouthAfricanRand).Crown,ERPM,EMOand Ergo (“Guarantors”) are joint and several guarantors in favour of the Issuer. The GuarantorsguaranteetotheholdersofthenotesthedueandpunctualperformancebytheIssuerofitspaymentobligationsundertheDMTNProgramme.ThenotesmaybelistedontheJSE.ABSACapital,adivisionofABSA,hasbeenappointeddealerandarrangerofthenotes.

• Sale of Shares and Claims Agreement entered into by Village Main Reef Limited (“Village”),DRDGOLD (“seller”), Business Venture Investments No 1557 Proprietary Limited (“Purchaser”)andBlyvooruitzichtGoldMiningCompanyLimiteddated11February2012.Under this agreement the Seller agreed to sell its entire shareholding in Blyvoor and its workingcapitalandshareholderloanclaimsagainstBlyvoortothePurchaser.ThepurchaseconsiderationisdischargedbyVillagethroughtheissueof85714286newordinarysharesinVillage.

• Sale of Interest Agreement between DRDGOLD and Ergo Mining Proprietary Limited dated29June2012.UnderthisagreementDRDGOLDsellsandErgopurchasesDRDGOLD’s35%participationinterestintheassetsandliabilitiesoftheunincorporatedjointventure,calledErgoGold(previouslycalledtheElsburg JV), between DRDGOLD and ERPM. The purchase price payable is R200 000 000 (twohundredmillionSouthAfricanRand).ThepurchasepricewasadvancedbyDRDGOLD toErgoonloanaccount.

18

• RestructuringAgreementsenteredintobyCrown,ERPMandErgo,dated29June2012.Theserestructuringagreementsprovidedasfollows:• Crownsells,asagoingconcern,allitsminingassetsandminingandprospectingrightsandcertain

liabilitiestoErgo,inexchangeforsharesinErgo(“Crown Disposal”);• ERPMsells,asagoingconcern,allitssurfaceminingassetsandits65%interestinErgoGoldto

Ergoanditsminingright,inexchangeforsharesinErgo(“erPM Disposal”);• oncetheCrownDisposalhasbeencompleted,CrownwilldistributeitsentireholdinginErgotoits

soleshareholder,EMO;and• oncetheERPMDisposalhasbeencompleted,ERPMwilldistributeitsentireholdinginErgotoits

soleshareholder,EMO.• Heads of Agreement entered into by Trans-Caledon Tunnel Authority (“tCtA’), EMO, ERPM and

CrownGoldRecoveriesProprietaryLimited (“CGr”) (collectivelyCGR,EMOandERPMarecalled“the Ergo Group”)dated28November2012.Under thisagreement theErgoGroupgrantsTCTAaccess to land for theconstructionofawatertreatmentplant,accesstotheSouthWestVerticalShaftofERPMtoconstructandoperateapumpstationtopumptheacidminedrainage(“AMD”)tosurface,therighttoconstructasludgepipelineusingservitudesownedbytheErgoGroupmembers,shareduseofanErgoGroupresiduepipelineandpartial useof theErgo tailingsdams for thedepositionof up to4167m³of sludgeperday,emanatingfromthewatertreatmentplant.EMOhasanoptiontoacquirefromTCTA,foritsoperationsupto30megalitresofuntreatedorpartiallytreatedAMDperday.

12. oPInIon AnD reCoMMenDAtIon

TheBoardhasconsideredthetermsandconditionsoftheTransactionaswellasPWC’sfairnessopinionthattheKhumoAcquisitionisfairtoShareholders.TheBoardisoftheopinionthattheTransactionisfairtoallShareholders.Accordingly,theBoardrecommendsthatShareholdersvoteinfavouroftheordinaryresolutionsproposedat theGeneralMeeting.ThedirectorsofDRDGOLDwhoholdShares intendonvotinginfavouroftheTransaction.

13. Consents

The Corporate Advisor and Sponsor, Reporting Accountants, Attorneys, Tax Attorneys, IndependentExpertandTransferSecretarieshaveallgiven,andhavenotwithdrawn,theirwrittenconsents,priortopublicationofthisCircular,fortheirnamestobestatedintheirrespectivecapacities.

The Reporting Accountants and Independent Expert have consented in writing to the inclusion oftheirreportsand/oropinionsinthisCircularintheformandcontextinwhichtheyappearandhavenotwithdrawnsuchconsentspriortothepublicationofthisCircular.

14. GenerAl MeetInG

IncompliancewiththeprovisionsoftheListingsRequirements,aGeneralMeetingofshareholderswillbeconvenedtoconsidertheordinaryresolutionsnecessarytoapprovetheTransaction.

TheGeneralMeetingofshareholderswillbeheldat09:00onFriday,27June2014attheregisteredofficeoftheCompany,atQuadrumOfficePark,Building1,50ConstantiaBoulevard,ConstantiaKloofExt28,Roodepoort,1709,SouthAfrica.

AnoticeconveningtheGeneralMeetingisincludedinandformspartofthisCircular.DetailsrelatingtothedeterminationofthequorumandrestrictionsrelatingtovotingattheGeneralMeetingaresetoutinparagraph6above.

19

15. PrelIMInAry exPenses

TheestimatedcostsrelatedtotheTransaction,excludingVAT,aredetailedbelow:

Description

estimatedcost

(r)

IndependentExpert 525000Attorneys 400000TaxAttorneys 72000ReportingAccountants 75000CorporateAdvisorandSponsor* 1250000Afterguardadvisorycosts 900000Ince(Pty)Limited–printinganddistributioncosts 162508JSEdocumentationfees 14217JSElistingfees 101275

total 3 500 000

*Acting under a single mandate for purposes of this Transaction

16. DoCuMents AVAIlAble For InsPeCtIon

ThefollowingdocumentsorcopiesthereofwillbeavailableforinspectionbyShareholdersattheregisteredofficeoftheCompanyduringnormalbusinesshoursonBusinessDaysfromthedateofthisCircularuptoandincludingthedateoftheGeneralMeeting:

• theMOIofDRDGOLD,itssubsidiariesandEMO;• theAgreements;• theEMOshareholder’sagreement;• theservicecontractsoftheexecutivedirectorsofDRDGOLD;• themostrecentcompetentperson’sreportforDRDGOLDdated30June2013;• thematerialcontractsreferredtoinparagraph11above;• thelettersofconsentreferredtoinparagraph13above;• thefairnessopiniondated24April2014asissuedbyPwC;• asignedcopyofthisCircular;• auditedfinancialstatementsforDRDGOLDandEMOfortheyearsended30June2011,2012and

2013;and• theReportingAccountants’reasonableassurancereportonthepro formafinancialeffectsincluded

inthisCircular.

DulyauthorisedonbehalfoftheBoard

DrDGolD limited

DJ Pretorius

Roodepoort6May2014

20

Annexure 1

FAIrness oPInIon

TheDirectorsDRDGOLDLimitedQuadrumOfficePark1stFloor,Building150ConstantiaBoulevardConstantiaKloofExt.28Roodepoort,1709SouthAfrica

24April2014

DearDirectors

Fairness opinion in terms of the Jse limited’s listings requirements on the proposed sale by Khumo Gold sPV Proprietary limited of its 20% interest in ergo Mining operations Proprietary limited to DrDGolD limited

1. IntroDuCtIon

DRDGOLDLimited(“DrDGolD”),KhumoGoldSPVProprietaryLimited(“Khumo”)andtheDRDSAEmpowermentTrust(“DrDsA trust”)aretheequityshareholdersinErgoMiningOperationsProprietaryLimited(“eMo”)with74%,20%and6%interestsrespectively.KhumoisDRDGOLD’sblackeconomicempowermentpartnerinEMO.

DRDGOLDhasagreedtoacquireKhumo’sequityinterestinEMOinexchangefornewordinarysharesinDRDGOLD(the“Proposed transaction”).DRDGOLDhasfurtherenteredintoanagreementtoacquireon the same terms and conditions the interest held by the DRDSA Trust. The consideration for theacquisitionswillbesettledbytheissueof35000000newDRDGOLDsharestoKhumoand10500000newsharestotheDRDSATrust.

ThetermsoftheProposedTransactionwereagreedbyDRDGOLDandKhumointheShareSaleandSubscriptionAgreementsignedbybothpartieson17March2014.

IntermsofJSELimited’s(“Jse”)ListingsRequirementsRule10.1(a),arelatedpartytransactionistakentoinclude a transaction as contemplated in section 9 of the JSE Listings Requirements between an issuer and a related party where related party includes “a material shareholder” (Rule 10.1(b)).

By virtue of its 20% equity stake in EMO, Khumo is considered to be a related party to theProposedTransaction.

Asaresultoftheproposedrelatedpartytransaction,DRDGOLDisrequired,intermsofRule10.4(f)oftheJSEListingsRequirements,toobtainafairnessopinionfromanindependentexpertforinclusioninthecirculartoshareholdersinconnectionwiththeProposedTransaction.

TheboardofdirectorsofDRDGOLD(“the board”)hasthereforerequestedPricewaterhouseCoopersCorporateFinanceProprietaryLimited (“PwC”) toactas independentprofessionalexpert in termsoftheJSEListingsRequirementsrelatingtotheProposedTransactiontoprovideanopinionastowhetherthe terms and conditions of the Proposed Transaction are fair as far as the DRDGOLD shareholdersareconcerned.

WeunderstandthattheresultsofourworkwillbeusedbytheBoardtosatisfytherequirementsoftheJSEListingsRequirements.

2. DeFInItIon oF FAIr

MarketValue isdefinedastheestimatedamount forwhichanassetshouldexchangeonthedateofvaluationbetweenawillingbuyerandawillingsellerinanarm’slengthtransactionwhereinthepartieshadeachactedknowledgeably,prudentlyandwithoutcompulsion.

21

Atransactionwouldgenerallybeconsideredfairfromtheperspectiveofthebuyeriftheconsiderationpayablebythepurchasertothesellerisequalto,orlessthantheMarketValueoftheassetspurchased.Fairness isprimarilybasedonquantitative issues.TheProposedTransactionwillbeconsidered fair ifthepurchaseconsideration isconsidered tobeequal toor less than theMarketValueof the interestbeingacquired.

Thisfairnessopiniondoesnotpurporttocaterforindividualshareholders’positionsbutratherthegeneralbodyofshareholderssubjecttothetransaction.Ashareholder’sdecisionregardingfairnessofthetermsof the Proposed Transaction may be influenced by his or her particular circumstances (for exampletaxationandthepricepaidfortheshares).Shouldashareholderbeindoubt,heorsheshouldconsultanindependentadviserastothemeritsofthetransaction,consideringhis/herpersonalcircumstances.

3. sourCes oF InForMAtIon

Inthecourseofourvaluationanalysis,werelieduponfinancialandotherinformation,includingprospectivefinancial information, obtained from DRDGOLD’s management and from various public, financial andindustrysources.Ourconclusionisdependentonsuchinformationbeingcompleteandaccurateinallmaterialrespects.

Theprincipalsourcesofinformationusedinperformingourindicativevaluationinclude:

• selectedmacro-economicanalysisandforecastsfromvariousSouthAfricanandinternationalbanksandresearchinstitutions;

• selectedpubliclyavailableinformationrelatingtotheindustryinwhichEMOoperatesobtainedfromDRDGOLD’smanagementandpublicsources;

• consolidatedauditedfinancialinformationfortheyearended30June2013andconsolidatedunauditedfinancialinformationforthehalf-yearended31December2013(alsotheValuationdate)forbothEMOandDRDGOLDrespectively;

• DRDGOLD’sIntegratedReport2013andSustainableDevelopmentReport2013;• EMO’sconsolidatedLifeofMineforecastsforFY2014toFY2022datedDecember2013preparedby

Managementandthegeological(competentperson)reportat30June2013;• EMOBudgetforFY2014andrevisedforecasts,inlinewiththesixmonthsactualsto31December

2013andbalancesheetpositionat31December2013,datedJanuary2014receivedfromDRDGOLD’smanagement;

• the Share Sale and Subscription Agreement between DRDGOLD Limited and Khumo Gold SPVProprietaryLimiteddated17March2014;

• extracts from DRDGOLD’s board packs dated 22 October 2012, 7 February 2013, 23 April 2013,20August2013and17October2013;

• various agreements including the subscription agreements between DRDGOLD (South AfricanOperations) Proprietary Limited (today EMO) and Khumo Gold SPV Proprietary Limited dated18November 2005; between DRDGOLD (South African Operations) Proprietary Limited andDRDGOLDLimiteddated18November2005andtheOptionAgreementbetweenDRDGOLDLimitedand Khumo Gold SPV Proprietary Limited and DRDGOLD (South African Operations) ProprietaryLimitedtoascertaintherespectiveshareholdings;

• theShareholders’AgreementbetweenDRDGOLDLimitedandKhumoGoldSPVProprietaryLimitedandDRDGOLD(SouthAfricanOperations)ProprietaryLimited,dated24November2005;

• discussionswithDRDGOLD’smanagement;• thepreparatorynotes–RoyaltyLiability inrespectofDRDdumprecoveryoperationsbyProfessor

MichaelODaledated13November2009,formingthebasisofhisopinionofthenon-applicabilityoftheminingroyaltytaxtoEMO;

• Bloomberg for beta information relating to the comparable companies used in our cost of capitalcalculation;

• BondExchangeofSouthAfricaforinterestratesusedinourcostofcapitalcalculation;• variouspublicationsandresearchdocumentsforresearchonappropriatediscountsandpremiumsto

beappliedinouranalysis;• Bloomberg,Factiva,ThomsonOneandReutersforcomparablecompanyinformation;• Mineral Resources and Mineral Reserves statements from each of the selected comparable

companies’websites;

22

• selectedavailableanalystreportsonDRDGOLD;• selectedavailableanalystreportsongoldprices;and• McGregorBFAforDRDGOLDsharetradinghistory.

Wherepracticable,wehavecorroboratedthereasonablenessoftheinformationprovidedtousforthepurposeofsupportingouropinion,whetherinwritingorobtainedthroughdiscussionswithDRDGOLDmanagement. In addition, we have considered Management’s view of macro-economic drivers bycomparingmacro-economicdriversof thebusinessofEMO(goldpriceandZAR/USDexchangerate)againstconsensusforecastsfromSouthAfricanandinternationalbanksandresearchinstitutions.Whereappropriatetheimpactofdifferencesbetweenmanagementmacro-economicforecastsandconsensusmacro-economic forecasts on the valuation were considered in our sensitivity and scenario analysisperformedaspartofthevaluationofEMO(refertoproceduresbelow).

Our procedures and enquiries did not constitute an audit in terms of the International Standards onAuditing.Accordingly,wecannotexpressanyopiniononthefinancialdataorotherinformationusedinarrivingatouropinion.

4. ProCeDures

Theproceduresweperformedcomprisedthefollowing:

• Weconsidered the rationale for the transaction as representedby thedirectors andmanagementofDRDGOLD;

• We considered the relevant information included in the terms and conditions of the ProposedTransaction, asdescribed in theShareSaleandSubscriptionAgreementbetweenDRDGOLDandKhumoGoldSPVProprietaryLimitedsignedon17March2014;

• WeconsideredtheprevailingeconomicandmarketconditionsintheminingindustryinwhichEMOandDRDGOLDoperateasappropriate;

• WeconsideredpubliclyavailabletradingdataandsharepricesforDRDGOLDontheJSE;• WeperformedareviewofselectedanalystreportsandanalystvaluationsforDRDGOLD,wherethe

Company’sassetswereanalysed,thatwedeemedrelevant;• Weperformedareviewofselectedanalystreportsandanalystvaluationsforthepriceofgoldand

nominalZAR/USDexchangerates,thatwedeemedrelevant;• WehelddiscussionswithDRDGOLD’smanagementoninformationandassumptionspertainingto

theGroupthatweremadeavailablebymanagement;• We reviewed theCompany, its operatingdivisions and subsidiaries financial results in light of the

recentgroupre-structuringuptothedateofvaluation;• Weconsideredfinancialandoperatingprojectionsincludingrevenues,operatingmargins(e.g.earnings

beforeinterest,taxes,depreciationandamortisation),workingcapitalinvestments,andcapexplansbased on the Company, its operating divisions and subsidiaries and historical operating results,expectationsandmanagement representations.Theseprojections formedthebasisofour incomeapproach (discounted cash flow) valuation. We performed sensitivity analysis on key assumptionsincludedintheincomeapproachvaluation,specificallyrelatingtothecostofcapital,goldpricesandnominalZAR/USDexchangerates;

• Weobtainedandconsidered financial data forpublicly tradedcompaniesengaged in thesameorsimilar lines of business to develop appropriate valuation multiples and operating comparisons indeterminingaresourcemultipleforEMO’sexplorationsassets;

• Weconsideredandappliedappropriatevaluationdiscounts/premiumstotheresultsofourvaluationanalysesasdeemedapplicable;and

• Analysisofotherfactsanddataconsideredpertinenttothisvaluationtoarriveataconclusionofvalue.

23

5. VAluAtIon APProACh

In considering the Proposed Transaction, PwC performed an independent valuation of EMO’sconsolidatedoperations.

Forpurposesofourvaluation,weappliedtheincomeapproach(discountedcashflow)valuationtothesurface retreatment operations of EMO on a consolidated basis and the market approach (based onfinancial data for comparablepublicly traded companies) todetermine a resourcemultiple forEMO’sexplorationsassetsnamelytheERPMOldMineandERPMExtensions1and2.

PwCalsoconsidered thevalueof theDRDGOLDordinaryshares tobeusedasconsideration in theProposedTransaction.WeusedtheNetAssetsApproachtocalculatetheMarketValueoftheDRDGOLDordinary share to be issued on a sum-of-the-parts basis on a marketable, minority basis as at thevaluationdate.

6. AssuMPtIons

Ouropinionisbasedonthefollowingkeyassumptions:

• Currenteconomic,regulatoryandmarketconditionswillnotchangematerially;• EMOandDRDGOLDisnotinvolvedinanyothermateriallegalproceedingsotherthanthoseconducted

intheordinarycourseofbusiness;• EMO and DRDGOLD have no material undisclosed outstanding disputes with the South African

RevenueServiceorHMRevenueandCustoms;• TherearenoundisclosedcontingenciesthatcouldaffectthevalueofEMOandDRDGOLD;• TheProposedTransactionwillnotgiverisetoanyundisclosedtaxliabilities;• Forthepurposesofthisengagement,weassumedEMO’sexistingbusinessestobeongoingunder

currentbusinessplansandmanagement;• InthecourseofouranalysisweconsideredbothinternalandexternaldriversofthebusinessofEMO.

Keyinternalvaluedriverstothediscountedcashflowvaluationincludedthediscountrate,workingcapitalandcapitalexpenditurerequirements,operatingmarginsandexpectedfuturegrowth inthebusiness.Externalvaluedrivers,includingprevailingmarketandindustryconditionsnamelythegoldpriceandnominalZAR/USDexchangerates,wereconsideredinassessingtheforecastcashflowsandriskprofileofEMO;and

• RepresentationsmadebyDRDGOLD’smanagementduringthecourseofformingthisopinion.

7. oPInIon

Ouropinionisbasedonthecurrenteconomic,market,regulatoryandotherconditionsandtheinformationmade available to us by DRDGOLD’s management up to 8 April 2014. Accordingly, subsequentdevelopmentsmayaffectthisopinion,whichweareundernoobligationtoupdate,reviseorre-affirm.

Basedontheresultsofourproceduresperformed,ourdetailedvaluationworkandotherconsiderations,weareoftheopinion,subjecttotheforegoingassumptions,thattheProposedTransactionisfairtotheordinaryshareholdersofDRDGOLD.

8. InDePenDenCe

WeconfirmthatPwCholdsnosharesinDRDGOLD,directlyorindirectly.Wehavenointerest,directorindirect,beneficialornon-beneficial,inDRDGOLDorintheoutcomeoftheProposedTransaction.

Furthermore,weconfirmthatourprofessionalfees,payableincash,arenotcontingentontheoutcomeoftheProposedTransaction.

9. lIMItInG ConDItIons

Budgets/Projections/Forecasts relate to futureeventsandarebasedonassumptions,whichmaynotremainvalidforthewholeoftherelevantperiod.Consequently,thisinformationcannotbereliedupontothesameextentasthatderivedfromauditedfinancialstatementsforcompletedaccountingperiods.Weexpressnoopinionastohowcloselyactualresultswillcorrespondtothoseprojected/forecastbythemanagementofDRDGOLD.

24

ThisletterandopinionisprovidedintermsoftheJSE’sListingsRequirements.ItdoesnotconstitutearecommendationtoanyshareholderofDRDGOLDastohowtovoteatanyshareholders’meetingrelatingtotheProposedTransactionoronanymatterrelatingto it,norastotheacceptanceoftheProposedTransaction.Therefore,itshouldnotberelieduponforanyotherpurpose.Weassumenoresponsibilitytoanyoneifthisletterandopinionareusedorrelieduponforanythingotherthanitsintendedpurpose.

Thevaluationofcompaniesandbusinessesisnotaprecisescience,andconclusionsarrivedatinmanycases will necessarily be subjective and dependent on the exercise of individual judgement. Further,whilstweconsiderouropiniontobedefensiblebasedontheinformationavailabletous,othersmayhaveadifferentviewandarriveatadifferentconclusion.

Yourssincerely

Jan GroenewaldDirector

25

Annexure 2

PRO FORMA ConsolIDAteD stAteMent oF ProFIt or loss AnD other CoMPrehensIVe InCoMe AnD ConDenseD ConsolIDAteD stAteMent oF FInAnCIAl PosItIon

Thedefinitionscommencingonpage5ofthisCircularapply,mutatis mutandis,tothisAnnexure2.

Thispro formaconsolidatedfinancialinformationhasbeenpreparedforillustrativepurposesonly,inordertoprovideinformationabouthowtheKhumoAcquisitionandTrustAcquisitionmighthaveaffectedShareholdershad they been implemented on the dates indicated in the notes below. Due to its nature, the pro formaconsolidated financial information may not fairly present DRDGOLD’s financial position and results ofoperations,northeeffectandimpactoftheKhumoAcquisitionandTrustAcquisitiongoingforward.

Thepro formaconsolidatedstatementsofprofitand lossandothercomprehensive incomeandpro formacondensedconsolidatedstatementof financialpositionhavebeenpreparedusingaccountingpolicies thatcomplywith International FinancialReportingStandards and that are consistentwith thoseapplied in thepublishedauditedfinancialstatementsofDRDGOLDfortheyearended30June2013.

The directors of DRDGOLD are solely responsible for the compilation and presentation of the pro formafinancialinformationonthebasisoftheapplicablecriteriaasdetailedinparagraphs8.15to8.34oftheListingsRequirementsoftheJSELimitedandtheSAICAGuideonPro formaFinancialInformation,revisedandissuedinSeptember2012(“Applicable Criteria”).

Thereportingaccountants’reasonableassurancereportonthepro formafinancialinformationrelatingtotheKhumoAcquisitionandTrustAcquisitionissetoutinAnnexure3ofthisCircular.

26

PRO FORMA ConsolIDAteD stAteMent oF ProFIt or loss AnD other CoMPrehensIVe InCoMe

Thepro formaconsolidatedstatementofcomprehensiveincomesetoutbelowpresentstheeffectsoftheKhumoAcquisitionandTrustAcquisitionontheunreviewedinterimresultsofDRDGOLDfortheperiodended31December2013basedontheassumptionthattheTransactionwaseffectiveon1July2013.

before thetransaction

(rm) (i)

Adjustmentsrelating

to the KhumoAcquisition(rm) (ii) (iii)

After theKhumo

Acquisition(rm) (ii) (iii)

Adjustmentsrelating to

the trustAcquisition

(rm) (iv)

After thetransaction

(rm)

Goldandsilverrevenue 934.6 – 934.6 – 934.6Netoperatingcosts (778.5) – (778.5) – (778.5)Cashoperatingcosts (750.6) – (750.6) – (750.6)Movementingoldinprocess (27.9) – (27.9) – (27.9)operating profit 156.1 – 156.1 – 156.1Depreciation (73.2) – (73.2) – (73.2)Movementinprovisionforenvironmentalrehabilitation (5.6) – (5.6) – (5.6)Environmentalrehabilitationcosts (21.5) – (21.5) – (21.5)Retrenchmentcosts (2.4) – (2.4) – (2.4)Careandmaintenancecosts (8.7) – (8.7) – (8.7)Otheroperatingexpenses (0.6) – (0.6) – (0.6)Gross profit from operating activities 44.1 – 44.1 – 44.1Impairments (5.3) – (5.3) – (5.3)Corporateandadministrationexpenses (42.6) – (42.6) – (42.6)Share-basedpayments (0.8) – (0.8) – (0.8)Netfinanceexpense (11.4) – (11.4) – (11.4)

loss before taxation (16.0) – (16.0) – (16.0)Taxation (10.1) – (10.1) – (10.1)

net loss after taxation (26.1) – (26.1) – (26.1)Attributable to:Equityownersoftheparent (16.9) (7.1) (24.0) (2.1) (26.1)

Non-controllinginterest (9.2) 7.1 (2.1) 2.1 –

other comprehensive income (26.1) – (26.1) – (26.1)Foreignexchangetranslationandother 0.2 – 0.2 – 0.2

total comprehensive income for the period (25.9) – (25.9) – (25.9)

Attributable to:Equityownersoftheparent (16.7) (7.1) (23.8) (2.1) (25.9)Non-controllinginterest (9.2) 7.1 (2.1) 2.1 –

(25.9) – (25.9) – (25.9)

27

before thetransaction

(rm) (i)

Adjustmentsrelating

to the KhumoAcquisition(rm) (ii) (iii)

After theKhumo

Acquisition(rm) (ii) (iii)

Adjustmentsrelating to

the trustAcquisition

(rm) (iv)

After thetransaction

(rm)

reconciliation of headline earningsNetloss (16.9) (7.1) (24.0) (2.1) (26.1)Adjusted for:–Impairments 5.3 – 5.3 – 5.3

Headlineloss (11.6) (7.1) (18.7) (2.1) (20.8)

Headlinelosspershare–cents (3.0) (1.5) (4.5) (0.4) (4.9)Basiclosspershare–cents (4.0) (1.8) (5.8) (0.4) (6.1)Dilutedheadlinelosspershare–cents (3.0) (1.5) (4.5) (0.4) (4.9)Dilutedbasiclosspershare–cents (4.0) (1.8) (5.8) (0.4) (6.1)Calculated on the weighted average ordinary shares issued of: 379190980 35000000 414190980 10500000 424690980

Assumptions and notes:

i. Thefiguresincludedinthe“BeforetheTransaction”columnhavebeenextractedwithoutadjustmentfromtheunreviewedfinancialresultsofDRDGOLDforthesixmonthsended31December2013.

ii. Acquisitionof the200000EMOsharesheldbyKhumorepresenting20%of the total26%non-controlling interestby issuing35 000 000newSharesatanaveragepriceofR4.20perShare.TheKhumoAcquisition isaccountedforasatransactionwithownersintheircapacityasownersinaccordancewithparagraph23ofIFRS10,Consolidated Financial Statements.ThedifferenceofR16.2millionbetweenthecarryingvalueofthenon-controllinginterestandthepurchaseconsiderationisaccountedforinequity.KhumohasnoloanclaimsagainstEMO.

iii. Transactioncostshavebeenaccountedforasadeductionfromequityinaccordancewithparagraph35ofIAS32,Financial Instruments:PresentationandamounttoR3.5million.Thetransactioncostsarenotdeductiblefortaxpurposesbeingofacapitalnature.

iv. Acquisitionofthe60000EMOsharesheldbytheDRDSATrustrepresenting6%ofthetotal26%non-controllinginterestbyissuing10500000newSharesatanaveragepriceofR4.20perShare.Theacquisitionisaccountedforasatransactionwithownersintheircapacityasownersinaccordancewithparagraph23ofIFRS10,Consolidated Financial Statements.ThedifferenceofR4.9millionbetweenthecarryingvalueofthenon-controllinginterestandthepurchaseconsiderationisaccountedforinequity.TheDRDSATrusthasnoloanclaimsagainstEMO.

v. AlladjustmentswiththeexceptionoftransactioncostsareexpectedtohaveacontinuingimpactonDRDGOLD.

28

PRO FORMA ConDenseD ConsolIDAteD stAteMent oF FInAnCIAl PosItIon

Thepro formacondensedconsolidatedstatementoffinancialpositionsetoutbelowpresentstheeffectsoftheofferonthefinancialpositionofDRDGOLDasat31December2013basedontheassumptionthattheKhumoAcquisitionandTrustAcquisitionwaseffectiveon31December2013.

before thetransaction

(rm) (i)

Adjustmentsrelating to

the KhumoAcquisition(rm) (ii) (iii)

After theKhumo

Acquisition(rm) (ii) (iii)

Adjustmentsrelating to

the trustAcquisition

(rm) (iv)

After thetransaction

(rm)

Assetsnon-current assets 2107.8 – 2107.8 – 2107.8

Property,plantandequipment 1796.6 – 1796.6 – 1796.6Investmentinjointarrangements 0.3 – 0.3 – 0.3Non-currentinvestmentsandotherassets 125.1 – 125.1 – 125.1Environmentalrehabilitationtrustfundsandinvestments 184.6 – 184.6 – 184.6Deferredtaxasset 1.2 – 1.2 – 1.2

Current assets 451.0 (3.5) 447.5 – 447.5

Inventories 122.3 – 122.3 – 122.3Tradeandreceivables 129.3 – 129.3 – 129.3Cashandcashequivalents 199.4 (3.5) 195.9 – 195.9

total assets 2558.8 (3.5) 2555.3 – 2555.3

equIty AnD lIAbIlItIesequity 1566.5 (3.5) 1563.0 – 1563.0

Equityoftheownersofthe parent 1354.4 159.7 1514.1 48.9 1563.0Non-controllinginterest 212.1 (163.2) 48.9 (48.9) –

non-current liabilities 731.1 – 731.1 – 731.1

Loansandborrowings 75.5 – 75.5 – 75.5Post-retirementandotheremployeebenefits 8.8 – 8.8 – 8.8Provisionforenvironmentalrehabilitation 540.4 – 540.4 – 540.4Deferredtaxliability 106.4 – 106.4 – 106.4

Current liabilities 261.2 – 261.2 – 261.2

Tradeandotherpayables 188.8 – 188.8 – 188.8Loansandborrowings 72.4 – 72.4 – 72.4

total equity and liabilities 2 558.8 (3.5) 2 555.3 – 2 555.3

Assumptions and notes:

i. Thefiguresincludedinthe“BeforetheTransaction”columnhavebeenextractedwithoutadjustmentfromtheunreviewedfinancialresultsofDRDGOLDforthesixmonthsended31December2013.

ii. Acquisitionof the200000EMOsharesheldbyKhumorepresenting20%of the total26%non-controlling interestby issuing35 000000newSharesatanaveragepriceofR4.20perShare.TheKhumoAcquisition isaccountedforasatransactionwithownersintheircapacityasownersinaccordancewithparagraph23ofIFRS10,Consolidated Financial Statements.ThedifferenceofR16.2millionbetweenthecarryingvalueofthenon-controllinginterestandthepurchaseconsiderationisaccountedforinequity.KhumohasnoloanclaimsagainstEMO.

iii. Transactioncostshavebeenaccountedforasadeductionfromequityinaccordancewithparagraph35ofIAS32,Financial Instruments: PresentationandamounttoR3.5million.Thetransactioncostsarenotdeductiblefortaxpurposes,beingofacapitalnature.

iv. Acquisitionofthe60000EMOsharesheldbytheDRDSATrustrepresenting6%ofthetotal26%non-controllinginterestbyissuing10500000newSharesatanaveragepriceofR4.20perShare.Theacquisitionisaccountedforasatransactionwithownersintheircapacityasownersinaccordancewithparagraph23ofIFRS10,Consolidated Financial Statements.ThedifferenceofR4.9millionbetweenthecarryingvalueofthenon-controllinginterestandthepurchaseconsiderationisaccountedforinequity.TheDRDSATrusthasnoloanclaimsagainstEMO.

v. AlladjustmentswiththeexceptionoftransactioncostsareexpectedtohaveacontinuingimpactonDRDGOLD.

29

Annexure 3

InDePenDent rePortInG ACCountAnts’ AssurAnCe rePort on the CoMPIlAtIon oF PRO FORMA FInAnCIAl InForMAtIon

TheDirectorsDRDGOLDLimitedQuadrumOfficePark1stFloor,Building150ConstantiaBoulevardConstantiaKloofExt.28Roodepoort,1709SouthAfrica

24April2014

report on the compilation of Pro forma financial information

Wehavecompletedourassuranceengagementtoreport(“report”)onthecompilationofpro formaearningsanddilutedearnings,headlineanddilutedheadlineearnings,netassetvalueandnettangibleassetvaluepershareofDRDGOLDLimited (“DrDGolD”or“the Company”),pro formastatementoffinancialpositionof DRDGOLD, the pro forma statement of profit and loss and comprehensive income of DRDGOLD andthe relatednotes, includinga reconciliationshowingallof thepro formaadjustments to thesharecapital,reservesandotherequityitemsrelatingtoDRDGOLD(collectively“Pro forma Financial Information”).ThePro formaFinancialInformationissetoutinparagraph4andAnnexure2oftheCirculartobeissuedbytheCompanyonorabout6May2014(“Circular”).

ThePro formaFinancialInformationhasbeencompiledbythedirectorsofDRDGOLDtoillustratetheimpactofthe(“transaction”)asdetailedintheCircularontheCompany’sfinancialpositionandchangesinequityasat[date]andtheCompany’sfinancialperformancefortheperiodended31December2013.

Aspartof thisprocess, theCompany’searnings,dilutedearnings,headlineearningsanddilutedheadlineearningspershare,statementofprofitandlossandcomprehensiveincomeandstatementoffinancialpositionhavebeenextractedbythedirectorsfromtheCompany’sinterimfinancialstatementsfortheperiodended31  December 2013 (“Published Financial Information”), on which no audit or review report has beenpublished.Inaddition,thedirectorshavecalculatedthenetassetvalueandnettangibleassetvaluepershareasat31 December2013basedonfinancialinformationextractedfromthePublishedFinancialInformation.

Directors’ responsibility for the Pro forma Financial Information

ThedirectorsofDRDGOLDareresponsibleforcompilingthePro formaFinancial Informationonthebasisof the applicable criteria as detailed in paragraphs 8.15 to 8.34 of the Listings Requirements of the JSELimited and the SAICA Guide on Pro forma Financial Information, revised and issued in September 2012(“Applicable Criteria”).

Reporting accountants’ responsibility

Our responsibility is to express an opinion about whether the Pro forma Financial Information has beencompiled, in all material respects, by the directors on the basis of the Applicable Criteria, based on ourproceduresperformed.

WeconductedourengagementinaccordancewithInternationalStandardonAssuranceEngagements(ISAE)3420,AssuranceEngagementstoReportontheCompilationofPro FormaFinancialInformationIncludedinaProspectus, issuedbythe InternationalAuditingandAssuranceStandardsBoard.Thisstandardrequiresthatthereportingaccountantscomplywithethicalrequirementsandplanandperformprocedurestoobtainreasonable assurance about whether the directors have compiled, in all material respects, the Pro forma FinancialInformationonthebasisoftheApplicableCriteria.

30

Forpurposesofthisengagement,wearenotresponsibleforupdatingorreissuinganyreportsoropinionsonanyPublishedFinancialInformationusedincompilingthePro formaFinancialInformation,norhavewe,inthecourseofthisengagement,performedanauditorreviewofthePublishedFinancialInformationusedincompilingthePro formaFinancialInformation.

ThepurposeofPro formaFinancialInformationincludedintheCircularissolelytoillustratetheimpactoftheTransactionontheunadjustedPublishedFinancialInformationasiftheTransactionhadbeenundertakenon1 July2013forpurposesofthepro formaearnings,dilutedearnings,headlineanddilutedheadlineearningspershareandthepro formastatementofprofitandlossandcomprehensiveincomeandon31December2013forpurposesofthenetassetvalueandnettangibleassetvaluepershareandstatementoffinancialposition.Accordingly,wedonotprovideanyassurancethattheactualoutcomeoftheTransaction,subsequenttoitsimplementation,willbeaspresentedinthePro formaFinancialInformation.

A reasonable assurance engagement to report on whether the Pro forma Financial Information has beenproperly compiled, in all material respects, on the basis of the Applicable Criteria involves performingprocedurestoassesswhethertheApplicableCriteriausedbythedirectorsinthecompilationofthePro formaFinancialInformationprovideareasonablebasisforpresentingthesignificanteffectsdirectlyattributabletotheTransactionandtoobtainsufficientappropriateevidenceaboutwhether:

• Therelatedpro formaadjustmentsgiveappropriateeffecttotheApplicableCriteria;and• ThePro formaFinancialInformationreflectstheproperapplicationofthoseproformaadjustmentstothe

unadjustedPublishedFinancialInformation.

Theproceduresselecteddependon the reportingaccountants’ judgement,having regard to the reportingaccountants’understandingofthenatureoftheCompany,theTransactioninrespectofwhichthePro forma FinancialInformationhasbeencompiledandotherrelevantengagementcircumstances.

TheengagementalsoinvolvesevaluatingtheoverallpresentationofthePro formaFinancialInformation.

Webelievethattheevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.

Opinion

Inouropinion,thePro formaFinancialInformationhasbeencompiled,inallmaterialrespects,onthebasisoftheApplicableCriteria.

Yoursfaithfully

KPMG Inc.

Per : Jacob le rouxChartered Accountants (SA)Director

31

(IncorporatedintheRepublicofSouthAfrica)(Registrationnumber1895/000926/06)

JSEsharecode:DRDISIN:ZAE000058723Issuercode:DUSM

NYSEtradingsymbol:DRD(“DrDGolD”orthe“Company”)

notICe oF GenerAl MeetInG

Thedefinitionscommencingonpage5ofthisCirculartowhichthisNoticeisattached,applytothisNotice.

NoticeisherebygiventhatageneralmeetingofshareholdersofDRDGOLDwillbeheldat09:00onFriday,27  June 2014 at the registered office of the Company, Quadrum Office Park, Building 1, 50 ConstantiaBoulevard,ConstantiaKloofExt28,Roodepoort,1709,SouthAfricatoconsiderand,ifdeemedfit,adopting,withorwithoutmodification,theresolutionssetoutbelowinthemannerrequiredbytheCompaniesAct,asreadwiththeListingsRequirements,andforthepurposeoftransactinganyotherbusinessasmaybeconductedatthisGeneralMeeting.

record date

Intermsofsection59(1)oftheCompaniesAct,forShareholderstoberecordedontheShareholders’registeroftheCompanyinorderto:

• receivenoticeoftheGeneralMeetingisFriday,25April2014;and

• attend,participateandvoteattheGeneralMeeting,isFriday,20June2014andaccordingly,thelastdaytotradeinordertobeeligibletovoteattheGeneralMeetingisThursday,12June2014.

ordinary resolution number 1

“Resolvedthat,asrequiredbytheprovisionsoftheJSELimitedListingsRequirements,theCompanyherebyapproves,asarelatedpartytransaction,theacquisitionbyDRDGOLD,asdescribedinthecircular(“Circular”)towhichthisNotice isattached,of200000issuedordinarysharesinErgoMiningOperationsProprietaryLimited(“eMo”),fromKhumoGoldSPVProprietaryLimited(”Khumo”)andanyclaimsthatKhumoholdsagainstEMOinconsiderationfortheissueof35000000newDRDGOLDordinarysharesandanyadditionalcashpaymentrequiredtobepaidinaccordancewiththetermsandconditionsoftheagreementgoverningtheacquisition,asdescribedintheCircular.”

In terms of the listings requirements the percentage of votes that ordinary resolution number 1 requires to be adopted is more than 50% of the votes exercised on this ordinary resolution number 1, other than any related party and their associates.

ordinary resolution number 2

“RESOLVEDTHATanydirectorofDRDGOLDLimitedbeandisherebyauthorisedtodoallsuchthingsasmaybenecessarytogiveeffecttoOrdinaryResolutionNumber1assetoutinthisnoticeofgeneralmeeting.”

the percentage of votes that ordinary resolution number 2 requires to be adopted is more than 50% of the votes exercised on this ordinary resolution number 2.

related party voting and quorum requirements

Withreferencetoparagraph6oftheaccompanyingCircular,allShareholders’voteswillbetakenintoaccountindeterminingthequorumfortheGeneralMeeting.

32

Khumo, being a related party to the Khumo Acquisition, as defined in the Listings Requirements will beprecludedfromvotingonOrdinaryResolutionNumber1.

TreasurysharesheldbytheCompanyandthesharesheldbytheDRDGOLD(1996)ShareSchemewillalsobeprecludedfromvotingonOrdinaryResolutionNumber1.

AllShareholdersmayvoteonOrdinaryResolutionNumber2.

Voting and proxies

Ordinaryshareholdersandpreferenceshareholdersmayattendbutonlyordinaryshareholders,subjecttotherestrictionssetoutabove,mayvoteattheGeneralMeeting.

Shareholdersareremindedthat:

• aShareholderentitledtoattendandvoteattheGeneralMeetingisentitledtoappointaproxy(ormorethanoneproxy)toattend,participateinandvoteattheGeneralMeetinginplaceoftheShareholderandShareholdersarereferredtotheattachedformofproxy;

• aproxyneednotalsobeaShareholder;and• in termsof section63(1) of theCompaniesAct, anyperson attendingor participating in ameetingof

shareholdersmustpresentreasonablysatisfactoryidentificationandthepersonpresidingattheGeneralMeetingmustbereasonablysatisfiedthattherightofanypersontoparticipateinandvote(whetherasshareholderorasproxyforashareholder)hasbeenreasonablyverified.Formsofidentificationthatwillbeacceptedincludevalididentitydocuments,driver’slicencesandpassports.

Onashowofhands,everyshareholderpresent inpersonorbyproxyor representedshallhaveonlyonevoteirrespectiveofthenumberofsharesheholdsorrepresentsand,onapoll,everyShareholderpresentinpersonorbyproxyorrepresentedshallhaveonevoteforeveryshareheldinDRDGOLDbysuchshareholderontheGeneralMeetingrecorddateorproxyrecorddate.

Certificated Shareholders and Shareholders who have dematerialised their DRDGOLD Shares and haveelected“own-name”registrationinthesub-registerthroughaCSDPmayattend,speakandvoteinpersonattheGeneralMeeting,ormayappointoneormoreproxies(whoneednotbeShareholders)toattend,speakandvoteattheGeneralMeetingintheplaceofsuchShareholder.

AformofproxytobeusedforthispurposeisattachedtothisNotice.Dulycompletedformsofproxymustbe lodged with the respective transfer secretaries at either of the addresses below at any time beforethe commencementoftheGeneralMeeting(orhandedtotheChairpersonoftheGeneralMeetingbeforetheappointedproxyexercisesanyoftherelevantShareholder’srightsattheGeneralMeetingoranyadjournmentoftheGeneralMeeting),providedthatshouldaShareholderlodgeaformofproxywiththetransfersecretariesateitherofthebelowaddresseslessthan24hoursbeforetheGeneralMeeting,suchShareholderwillalsoberequiredtofurnishacopyofsuchformofproxytotheChairpersonoftheGeneralMeetingbeforetheappointedproxyexercisesanyofsuchShareholder’srightsattheGeneralMeeting(oranyadjournmentofthe GeneralMeeting),asfollows:

Shareholders registered on the South African register, to Link Market Services South Africa ProprietaryLimited,13thFloor,RennieHouse,19AmeshoffStreet,cornerBiccard,Braamfontein,Johannesburg,2001(POBox4844,Johannesburg,2000).

DRDGOLDshareholdersholdingDRDGOLDordinarysharesintheformofAmericanDepositaryReceipts,toTheBankofNewYorkMellon,ProxyServicesDepartment,101BarclayStreet,NewYork,10286toreachthembynolaterthan02:00(EasternStandardTime)onTuesday,24June2014;or

Shareholders registered on the United Kingdom register, to Capita Asset Services (formerly called Capita IRG plc),TheRegistryPxS,34BeckenhamRoad,Beckenham,Kent,BR34TUtoreachthembynolaterthan09:00(GreenwichMeanTime)onTuesday,24June2014.

33

ShareholderswhohavealreadydematerialisedtheirDRDGOLDSharesthroughaCSDPandwhohavenotselected“own-name”registrationinthesub-registerthroughaCSDPorBrokerandShareholderswhoholdcertificatedordinarysharesthroughanomineewhowishtoattendtheGeneralMeeting,mustinstructtheirCSDP,Brokerornominee to issue themwith thenecessaryauthority toattendor, if theydonotwish toattendtheAGM,theymayprovidetheirCSDP,BrokerornomineewiththeirvotinginstructionsintermsofthecustodyagreemententeredintobetweenthemandtheirCSDP,Brokerornominee.

InrespectofDematerialisedShares,itisimportanttoensurethatthepersonorentity(suchasanominee)whosenamehasbeenenteredintotherelevantsub-registermaintainedbyaCSDPcompletestheformofproxyintermsofwhichheappointsaproxytovoteattheGeneralMeeting.

Depositary receipt holders may receive forms of proxy printed by the depositary bank, which should becompletedandreturnedinaccordancewiththeinstructionsprintedontheformsofproxy.

Theholderofasharewarrant tobearerwhowishes toattendorbe representedat theGeneralMeetingmustdeposithissharewarrantatthebearerreceptionofficeofCapitaAssetServices(formerly called Capita IRG plc),TheRegistryPxS,34BeckenhamRoad,Beckenham,BR34TU,UnitedKingdom,inbothcasesnotlaterthan48hoursbeforethedateappointedfortheholdingoftheAGM(whichperiodexcludesSaturdays,Sundaysandpublicholidays),andshallotherwisecomplywiththe“Conditionsgoverningsharewarrants”currentlyinforce.ThereuponaformofproxyoranattendanceformunderwhichsuchsharewarrantholdermayberepresentedattheGeneralMeetingshallbeissued.

ByorderoftheBoard

DJ Pretorius

Roodepoort6May2014

34

registered office and postal address

In South Africa

QuadrumOfficePark1stFloor,Building150ConstantiaBoulevardConstantiaKloofExt28Roodepoort1709SouthAfrica(POBox390,Maraisburg,1700)

transfer secretaries

In South Africa

LinkMarketServicesSouthAfrica(Proprietary)Limited13thFloor,RennieHouse19AmeshoffStreet,cornerBiccardBraamfonteinJohannesburg2001(POBox4844,Johannesburg,2000)

Depositary Bank

AmericanDepositaryReceiptsTheBankofNewYorkMellon101BarclayStreetNewYork10286UnitedStatesofAmerica

In the United Kingdom

CapitaIRGplcTheRegistry,34BeckenhamRoadBeckenhamKentBR34TU

PRINTEDBYINCE(PTY)LTD REF.JOB000729

(IncorporatedintheRepublicofSouthAfrica)(Registrationnumber1895/000926/06)

JSEsharecode:DRDISIN:ZAE000058723Issuercode:DUSM

NYSEtradingsymbol:DRD(“DrDGolD”orthe“Company”)

ForM oF Proxy

ForuseonlybyDRDGOLDShareholdersontheUnitedKingdomregistersandwithregardtotheSouthAfricanregister,foruseonlybyDRDGOLDShareholdersholdingsharecertificatesandCSDPnomineecompanies,Brokers’nomineecompaniesandDRDGOLDShareholderswhohavedematerialisedtheirsharecertificatesandwhohaveselected“own-name”registrationthroughaCSDPattheGeneralMeetingofshareholdersofDRDGOLDtobeheldat09:00onFriday,27June2014attheregisteredofficeoftheCompany,QuadrumOfficePark,Building1,50ConstantiaBoulevard,ConstantiaKloofExt28,Roodepoort,1709,SouthAfrica.DRDGOLDShareholdersontheSouthAfricanregisterwhohavealreadydematerialisedtheirsharecertificatesthroughaCSDPorBrokerandwhohavenotselected“own-name”registrationandShareholderswhoholdcertificatedordinarysharesthroughanomineemustnotcompletethisformofproxybutmustinstructtheirCSDP,BrokerornomineetoissuethemwiththenecessaryauthoritytoattendtheGeneralMeetingofDRDGOLDshareholdersor,iftheydonotwishtoattendtheGeneralMeetingofDRDGOLDshareholders,theymayprovidetheirCSDP,BrokerornomineewiththeirvotinginstructionsintermsofthecustodyagreemententeredintobetweenthemandtheirCSDP,Brokerornominee.FormsofproxymustbecompletedanddeliveredtotheCompany’sTransferSecretary,LinkMarketServicesSouthAfricaProprietaryLimited, 13th Floor, Rennie House, 19 Ameshoff Street, corner Biccard, Braamfontein, Johannesburg, 2001 (PO Box 4844,Johannesburg,2000),emailedto:Meetfax@linkmarketservices.co.zaorfaxedto:0866742450,tobereceivednolaterthan09:00onWednesday,25June2014.

I/We(please print names in full)

of(address)

Telephonework() Telephonehome()

Mobilenumber()

E-mailaddress:

being the holder/s or custodian/s Shares, herebyappoint(seenote1overleaf)

1. orfailinghim/her,

2. orfailinghim/her,

3. theChairpersonoftheGeneralMeetingasmy/ourproxytoactforme/usandvoteontheordinaryresolutionstobeproposedthereat(withorasmy/ourproxytoattend,speakandvoteonashowofhandsoronapollforme/usandonmy/ourbehalfattheGeneralMeetingofShareholderstobeheldforthepurposeofconsideringand,ifdeemedfit,passing,withorwithoutmodification,theresolutionstobeproposedthereatandateachadjournmentorpostponementthereof,andtovoteforand/oragainsttheresolutionsand/orabstainfromvotinginrespectoftheSharesregisteredinmy/ournameasfollows(seenotes2and4overleaf):

For Against Abstain

special resolution number 1 Approvaloftheacquisitionofa20%interestinErgoMiningOperationsProprietaryLimitedfromKhumoGoldSPVProprietaryLimited

ordinary resolution number 2Authorisationforadirectortoimplementtheresolutions

(Tickwhicheverisapplicable).Ifnodirectionsaregiven,theproxyholderwillbeentitledtovoteortoabstainfromvoting,asthatproxyholderdeemsfit(seenote3overleaf).

Please read the notes on the reverse side hereof.

Signedat on 2014

Fullname Capacity

Signature

Authorityofsignatory

Assistedby(whereapplicable)

EachShareholderisentitledtoappointoneormoreproxies(whoneednotbeashareholder/sofDRDGOLD)toattend,speakandvoteinplaceofthatShareholderattheGeneralMeetingofDRDGOLDshareholders.Unlessotherwiseinstructed,theproxymayvoteashedeemsfit.

Pleasereadthebelowsummaryoftherightscontainedinsection58oftheCompaniesActandthebelownotestothisformofproxy.

suMMAry oF rIGhts ContAIneD In seCtIon 58 oF the CoMPAnIes ACt

In terms of section 58 of the Companies Act:• ashareholderofacompanymay,atanytimeand inaccordancewith theprovisionsofsection58of theCompaniesAct,appointany individual

(includingan individualwho isnotashareholder)asaproxy toparticipate in,andspeakandvoteat,ashareholders’meetingonbehalfofsuchshareholder;

• aproxymaydelegateherorhisauthoritytoactonbehalfofashareholdertoanotherperson,subjecttoanyrestrictionsetoutintheinstrumentappointingsuchproxy;

• irrespectiveoftheformofinstrumentusedtoappointaproxy,theappointmentofaproxyissuspendedatanytimeandtotheextentthattherelevantshareholderchoosestoactdirectlyandinpersonintheexerciseofanyofsuchshareholder’srightsasashareholder(seenote5below);

• anyappointmentbyashareholderofaproxyisrevocable,unlesstheformofinstrumentusedtoappointsuchproxystatesotherwise;• ifanappointmentofaproxyisrevocable,ashareholdermayrevoketheproxyappointmentby:

(i) cancellingitinwriting,ormakingalaterinconsistentappointmentofaproxy;and(ii) deliveringacopyoftherevocationinstrumenttotheproxyandtotherelevantcompany;

• aproxyappointedbyashareholderisentitledtoexercise,orabstainfromexercising,anyvotingrightofsuchshareholderwithoutdirection,excepttotheextentthattherelevantcompany’sMemorandumofIncorporation,ortheinstrumentappointingtheproxy,providesotherwise(seenote1below);

• iftheinstrumentappointingaproxyorproxieshasbeendeliveredbyashareholdertoacompany,then,forsolongasthatappointmentremainsineffect,anynoticethatisrequiredintermsoftheCompaniesActorsuchcompany’sMemorandumofIncorporationtobedeliveredtoashareholdermustbedeliveredbysuchcompanyto:– therelevantshareholder;or– theproxyorproxies,iftherelevantshareholderhas:

(i) directedsuchcompanytodoso,inwriting;and(ii) paidanyreasonablefeechargedbysuchcompanyfordoingso;and

• ifacompanyissuesaninvitationtoitsshareholderstoappointoneormorepersonsnamedbytheCompanyasaproxy,orsuppliesaformofproxyinstrument:– theinvitationmustbesenttoeveryshareholderentitledtonoticeofthemeetingatwhichtheproxyisintendedtobeexercised;– theinvitationorformofproxyinstrumentsuppliedbytheCompanymust:

– bearareasonablyprominentsummaryoftherightsestablishedinsection58oftheCompaniesAct;– containadequateblankspace,immediatelyprecedingthename(s)ofanyperson(s)namedinit,toenableashareholdertowritethename

and,ifdesired,analternativenameofaproxychosenbytheshareholder;and– provideadequatespacefortheshareholdertoindicatewhethertheappointedproxyistovoteinfavouroforagainstanyresolution(s)tobe

putatthemeeting,oristoabstainfromvoting;• theCompanymustnotrequirethattheproxyappointmentbemadeirrevocable;and• theproxyappointmentremainsvalidonlyuntiltheendofthemeetingatwhichitwasintendedtobeused,subjecttoparagraph7above.

notes:

1. AShareholdermayinsertthenameofaproxyorthenamesoftwoalternativeproxiesoftheShareholder’schoiceinthespace/sprovided,withorwithoutdeleting”theChairmanoftheGeneralMeeting”butanysuchdeletionmustbeinitialledbytheShareholder.ThepersonwhosenameappearsfirstontheformofproxyandwhoispresentattheGeneralMeetingofShareholderswillbeentitledtoactasproxytotheexclusionofthosewhosenamesfollow.

2. AShareholder’sinstructiontohisproxymustbeindicatedintheappropriateboxbyinsertingthenumberofSharesinrespectofwhichtheshareholderwisheshisproxytocasthisvotes.

3. ShouldtherebenoindicationintheappropriateboxastohowtheShareholderwisheshisvotestobecastbyhisproxythentheproxywillbedeemedtohavebeenauthorisedtovoteorabstainfromvotingattheGeneralMeetingastheproxydeemsfit.

4. AShareholdermayinstructtheproxytovoteinrespectoflessthanthetotalnumberofSharesheldbyinsertingtherelevantnumberofSharesintheappropriateboxprovided.AShareholderwhogivesnoindicationastothenumberofSharesinrespectofwhichtheproxyisentitledtovotewillbedeemedtohaveauthorisedtheproxytovoteorabstainfromvoting,asthecasemaybe,inrespectofalltheShareholder’svotesexercisableattheGeneralMeeting.

5. Acompleteformofproxy,tobeeffective,mustreachthetransfersecretariesinSouthAfricaandtheUnitedKingdomatleast48hoursbeforethetimeappointedfortheholdingoftheGeneralMeeting(whichperiodexcludesSaturdays,Sundaysandpublicholidays).

6. ThecompletionandlodgingofthisformofproxybyShareholdersholdingsharecertificates,CSDPnomineecompanies,Brokers’nomineecompaniesandShareholderswhohavedematerialisedtheirsharecertificatesandwhohaveelected“own-name”registrationthroughaCSDPorBroker,willnotprecludetherelevantShareholderfromattendingtheGeneralMeetingandspeakingandvotinginpersonthereattotheexclusionofanyproxyappointed in terms thereof. Shareholders who have dematerialised their share certificates and who have not elected ”own-name” registrationthroughaCSDPorBrokerandShareholderswhoholdcertificatedordinarysharesthroughanomineewhowishtoattendtheGeneralMeetingmustinstructtheirCSDPorBrokertoissuethemwiththenecessaryauthoritytoattend.

7. Documentaryevidenceestablishingtheauthorityofapersonsigningthisformofproxyinarepresentativeorotherlegalcapacity(suchaspowerofattorneyorotherwrittenauthority)mustbeattachedtothisformofproxyunlesspreviouslyrecordedbyDRDGOLD.

8. Anyalterationorcorrectionmadetothisformofproxymustbeinitialledbythesignatory/ies.

9. WhentherearejointholdersofsharesonlyoneofsuchpersonsmaysignthisformofproxyinrespectofsuchSharesasifsuchpersonwerethesoleholder,butifmorethanoneofsuchjointholderssubmitsaformofproxy,theformofproxy,ifacceptedbytheChairmanoftheGeneralMeeting,submittedbytheholderwhosenameappearsfirstintheregisteroftheCompanywillbeaccepted.

10. TheholderofasharewarranttobearerwhowishestoattendorberepresentedattheGeneralMeetingmustdeposithissharewarrantatthebearerreceptionofficeofCapitaIRGplc,TheRegistryPxS,34BeckenhamRoad,Beckenham,Kent,BR34TU,UnitedKingdom,nolaterthan48hoursbeforethedateappointedfortheholdingoftheGeneralMeeting(whichperiodexcludesSaturdays,Sundaysandpublicholidays),andshallotherwisecomplywiththe”conditionsgoverningsharewarrants”currentlyinforce.Thereuponaformofproxyoranattendanceformunderwhichsuchsharewarrantholdermayberepresentedatgeneralmeetingshallbeissued.

11. Depositaryreceiptholderswillreceiveformsofproxyprintedbythedepositarybank,whichshouldbecompletedandreturnedinaccordancewiththeinstructionsprintedontheformsofproxy.