Extract from VAA’s Valuation of Havilah within Target Statement...

Extract from VAA’s Valuation of Havilah within Target Statement for GHT (released to ASX on 5 October 2011)

“We have taken a conservative view in our valuation of Havilah’s shares and assumed that Glencore’s view prevails and it will be issued with 10,153,756 shares. Once this occurs, the total number of Havilah shares will be 92,975,756.

Based on a valuation of $184.7 million for Havilah, this amounts to a value per share of $1.99.

If Havilah’s view prevails and Glencore is issued with 3,260,203 shares, this results in a value per share of $2.15.”

Cheers