How it was all calculated

THE Rich List research was compiled by Who Owns Whom.

Although directors’ holdings for the Rich List reflect their wealth at March 31 2013, the earnings table reflects what was earned in 2012 as reported in annual reports released over the course of this year.

It was compiled using remuneration and options, headline earnings and director and family holdings. Although great care has been taken to ensure accuracy, the possibility of error exists.

Notes to the research:

The calendar years 2011 and 2012 were researched from hard copy and internet documents published in terms of the Companies Act and JSE listing requirements;

Shareholdings were extracted as published in public documents and public share registers;

Shareholdings included those held through trusts, where this was deemed appropriate;

The market price as at March 31 2013 was used for the valuation of holdings;

It was assumed that the conditions of conditional options would be met;

Options issued under more than one scheme or over a period were added where this was deemed appropriate;

Share-based payments, including options awarded, were excluded unless exercised;

Gains on options exercised in the year under review were included in remuneration;

Earnings and directors’ fees paid to other unlisted companies were excluded;

Severance packages and retention bonuses were included in remuneration;

Patrice Motsepe’s holding in African Rainbow Minerals is through African Rainbow Minerals Exploration Investments, but the shareholding of this private company is not disclosed; and

ýWe have opted to remain consistent with what has been previously published and confirmed by ArcelorMittal as correct for Lakshmi Mittal’s holdings. The parties have not contradicted anything.