How the rich list was figured out

Rich List research was compiled by Who Owns Whom (Pty) Ltd.

While directors' holdings for the Rich List reflect wealth at March 31 2011, the earnings table reflects what was earned in 2010 as reported in annual reports.

THE RESEARCH WAS DONE AS FOLLOWS:

An initial extraction of the remuneration and options, headline earnings and director and family holdings was made by Who Owns Whom research staff.

The information was reviewed from the published documents by Who Owns Whom management and compared with the extraction.

The information was again researched from the published documents and compared with the management result by the Who Owns Whom executive directors.

While great care has been taken to ensure accuracy the possibility of error does exist.

PLEASE NOTE THE FOLLOWING:

The calendar years 2009 and 2010 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 via trusts, where this was deemed appropriate;

The market price as at March 31 2011 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;

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;

Conversion rates to the rand were as follows; British pound 11.20, US dollar 7.30, Euro 9.70, New Zealand dollar 5.20, Canadian dollar 7.10, Australian dollar 6.60 and Nigerian naira 0.0478.

NOTES REGARDING THE RESEARCH:

Patrice Motsepe

Motsepe's holding in African Rainbow Minerals is via African Rainbow Minerals Exploration Investments, but the shareholding of this private company is not disclosed.

Lakshmi Mittal

We received notification from a reader that Mittal's worth has been overstated.

According to the reader, "Mr Mittal & family (through his family trust) has an indirect and effective 21.24% stake, worth R8.7-billion in ArcelorMittal SA and that his family trust owns an indirect and effective 40.83% of the issued shares in the (Euronext, New York, London, and Luxembourg) listed ArcelorMittal Group. ArcelorMittal Group holds a direct 52.02% of the issued shares in the local & JSE listed ArcelorMittal SA".

We were unable to ascertain the veracity of this and opted to remain consistent with what had been confirmed as correct by the company in the past and published in previous supplements.

Neither Mittal nor ArcelorMittal have contradicted our calculations.