Exhibit
4.23



| | Randgold Resources Limited
        Reg No. 62686
        3rdFloor, Unity Chambers
        28 Halkett
        Street
        St. Helier,
        Jersey
        JE2 4WJ
        CHANNEL
        ISLANDS
        TEL:
        +44 1534 735 333
        FAX:
        +44 1534 735 444
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







Kadri Dagdelen

2163 S. Parfet
Court

Lakewood

Colorado 80227

USA



6 May 2014



Dear Mr Dagdelen



RANDGOLD
RESOURCES LIMITED (THE “COMPANY”) AND APPOINTMENT

TO
THE BOARD AS A NON-EXECUTIVE DIRECTOR



The
board of the Company (the “Board”)is pleased
to confirm the main terms of your appointment as a non-executive director (with details relating to the appointment period being
contained in the paragraph hereof titled “Appointment”).It is agreed that this is a contract for services and not a contract of employment. You should be aware that your appointment
is subject to the Company’s articles of association as amended from time to time. If there is a conflict between the terms
of this letter and the articles of association then the articles shall prevail.



DUTIES



| | 1. | The
                                         Board is responsible for promoting the success of the Company by directing and supervising
                                         the Company’s affairs, including:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | supervising and providing guidance
                                         to the Company within a framework of prudent and effective controls;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | approving the Company’s objectives
                                         and strategic plan, ensuring that the necessary financial and human resources are in
                                         place for the Company to meet its strategic objectives, and review management performance;
                                         and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | setting the Company’s values
                                         and standards and ensuring that its obligations to its stakeholders are met.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | The
                                         Board Charter (annexed hereto marked “Annexure
                                         A”)describes how the Board is structured and what authorities are delegated
                                         to the Chief Executive. Details of powers specifically reserved for the Board are listed
                                         in paragraph 13 of the Board Charter. The Charters of the Board Committees are available
                                         on the Company’s website and can be obtained from the Company’s Secretary.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | Your
                                         role as a non-executive director is to:
| | -- | -------------------------------------------------------------------------------------



| | (a) | contribute to the development of
                                         strategies to attain the Company’s objectives;
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (b) | evaluate the performance of Executive
                                         Directors in meeting agreed objectives and implementing strategies;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | satisfy yourself that publicly
                                         available financial information is accurate and that financial controls and systems of
                                         risk management are robust and effective; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------















| | (d) | be responsible, for determining
                                         appropriate levels of remuneration of the Executive Directors, and where necessary, members
                                         of the Executive Management Team.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | You
                                         will, in conjunction with paragraph 4 of the Board Charter, be required to:
| | -- | ------------------------------------------------------------------------------------------------------------------------



| | (a) | perform your duties loyally and
                                         diligently;
| | --- | ------------------------------------------------------------------------------------



| | (b) | bring independent judgement to
                                         bear on issues of strategy, policy, resources, performance and standards of conduct;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | provide guidance and direction
                                         in planning, developing and implementing the strategic direction of the Company;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | contribute to the effective control
                                         of the Company and to the supervision of the Executive Directors;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | attend wherever possible in person
                                         or by conference call all meetings of the Board, which meets at least quarterly, and
                                         consider all relevant papers well in advance of each meeting;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | serve on any Committee to which
                                         you are nominated by the Board;
| | --- | --------------------------------------------------------------------------------------------------------



| | (g) | attend the Annual General Meeting
                                         of the Company if requested;
| | --- | -------------------------------------------------------------------------------------------------------



| | (h) | comply with your fiduciary and
                                         statutory duties (including under the Companies (Jersey) Law 1991, as amended, which
                                         can be obtained from the Company’s Secretary); and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | comply with the Company’s
                                         Code of Conduct and Anti-Corruption Compliance Policy, which are available on the Company’s
                                         website and can be obtained from the Company Secretary.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | Overall
                                         the Company anticipates that you will be available to fulfil your duties as and when
                                         you are needed, and the Company expects that the minimum time commitment over a normal
                                         year will equate to approximately 5 days per quarter on your work for the Company. This
                                         will include the quarterly board meetings, at least one site visit per year, and the
                                         appropriate period of time preparing for each meeting. By accepting this appointment,
                                         you confirm that you are able to allocate sufficient time to the Company to discharge
                                         your duties effectively. You also acknowledge that there may be circumstances in which
                                         you will need to devote additional time to your duties, such as when the Company is undergoing
                                         a period of particularly increased activity, or as a result of some major difficulty
                                         with one or more of its operations. In these circumstances you agree to work such additional
                                         hours (without any additional remuneration, unless it is specifically agreed by the Remuneration
                                         Committee and approved by the Board) as may be required for the proper performance of
                                         your duties.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6. | You
                                         will, be entitled to request such information from the Company, its subsidiaries or its
                                         employees, consultants or professional advisers as may be reasonably necessary to enable
                                         you to perform your role effectively. The Company shall use its reasonable endeavours
                                         to provide such information.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7. | The
                                         performance of individual directors, the whole board and its committees is evaluated
                                         annually. If in the interim there are any matters which cause you concern about your
                                         role, you should discuss them with the Chairman as soon as you can.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



CONFIDENTIALITY



During
the course of your duties you will have access to confidential information belonging to the Company and its subsidiaries (including,
but not limited to, details of suppliers, customers, margins, know-how, marketing and other relevant business information). Unauthorised
disclosure of this information could seriously damage the Company. You therefore undertake not to use or disclose such information
save in pursuance of your duties or in accordance with any statutory obligation or court or similar order.















COMPLIANCE
WITH REGULATORY REQUIREMENTS



The
Company is committed to the UK Corporate Governance Code and the associated Guidance on Board Effectiveness published by the Financial
Reporting Council, copies of which can be obtained from the Company Secretary. You will be expected to carry out your duties in
accordance with these.



You
undertake to comply with all legal and regulatory requirements and any code of practice or compliance manual issued by the Company
relating to transactions in securities and inside information and dealing in force from time to time, including the Company’s
current Share Dealing Code and any rules and regulations of or under the Financial Services Authority (including the Model Code,
the Listing Rules, the Disclosure and Transparency Rules), the Financial Services and Markets Act 2000, the Criminal Justice Act
1993, the Financial Services (Jersey) Law 1998 and other rules and regulations of relevant regulatory authorities relevant to
the Company (the “Regulatory Requirements”).



By
accepting this appointment you acknowledge that you are aware of and understand the Regulatory Requirements and that a breach
of the Regulatory Requirements carries sanctions including criminal liability, disciplinary action by the relevant regulatory
authority (civil liability, fines and public censure by the Financial Conduct Authority (“FCA”)and the immediate termination of your appointment.



Due
to your position you will be named on the Company’s list of persons with access to inside information relating to the Company
which can be made available to the FCA.



You
acknowledge that the non-executive directors are required, pursuant to the Company’s Shareholding Policy, to hold ordinary
shares in the Company with a value of at least US$100,000 (i.e. an amount equal to twice the annual retainer fee).



OUTSIDE
INTERESTS



You
should seek the agreement of the Chairman of the Board before you accept any public company appointments or any new outside interests,
which might affect the time you are able to devote to this appointment.



The
Board have determined you to be independent, according to the provisions of the UK Corporate Governance Code.



In
accordance with the principles set out in the UK Corporate Governance Code you must seek approval of the Chairman of the Board
in relation to of any interests which you have, or acquire, which might reasonably be thought to jeopardise your independence
from the Company.



During
your appointment you must seek approval of the Chairman of the Board in relation to any office or employment with, or have any
material interest in, any firm or company which is or may be in direct or indirect competition with the Company.



INSURANCE



During
your appointment you will be covered by the Company’s directors’ and officers’ liability insurance on the terms
in place from time to time. A copy of the policy document is available from the Company Secretary. The Company will maintain this
insurance cover after the termination of your appointment, and you will continue to be covered by the policy (or any replacement
on the same basis as the rest of the Board) for matters related to your duties as a non executive director during your period
of service.



APPOINTMENT



Your
appointment will commence on 6 May 2014 for three years ending on 31 May 2017. It is terminable by three months’ notice
from either the Board or yourself. The continuation of your appointment depends upon re-election at the forthcoming Annual General
Meetings and will follow the rules of the UK Corporate Governance Code.



Notwithstanding
the aforementioned notice provisions, the Company may terminate your appointment with immediate effect if you have:















| | (a) | committed any serious breach or (after
                                         warning in writing) any repeated or continued material breach of your obligations to
                                         the Company (which include an obligation not to breach your fiduciary duties) or of any
                                         Regulatory Requirement;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | been guilty of any act of dishonesty
                                         or serious misconduct or any conduct which (in the reasonable opinion of the Board) tends
                                         to bring you or the Company into disrepute; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | been declared bankrupt or have made
                                         an arrangement or composition with for the benefit of your creditors.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



All
appointments and reappointments to the Board are subject to the Company’s Articles of Association. You are required to stand
for re-election every year at the Annual General Meeting. If you are not re-elected to your position as a director of the Company
by the shareholders at any time and for any reason then this appointment shall terminate automatically and with immediate effect.



On
termination of the appointment you shall only be entitled to such fees as may have accrued to the date of termination together
with reimbursement in the normal way of any expenses properly incurred prior to that date.



REMUNERATION



The
fee is US$50,000 per annum and is payable half yearly in arrears. In addition, should you be appointed to serve on a Board Committee
the fees payable are as follows:



| | · | Audit
                                         Committee: US$35,000 per annum.
| | - | ------------------------------------------------------------------------------



| | · | Remuneration
                                         Committee: US$25,000 per annum.
| | - | -------------------------------------------------------------------------------------



| | · | Nomination
                                         & Governance Committee: US$10,000 per annum.
| | - | ------------------------------------------------------------------------------------------------



The
chairman of a board committee is entitled to receive an additional premium to the committee assignment fee of US$15,000 per annum.



Furthermore,
each non-executive director receives an award of 1,200 ordinary shares in the Company per year subject to shareholder approval
at the Company’s annual general meeting.



Remuneration
and the award of ordinary shares, is reviewed periodically by the Board and submitted annually to the Annual General Meeting for
approval.



EXPENSES



The
Company will reimburse you for any expenses that you may incur properly and reasonably in performing your duties and which are
documented and in accordance with the Company’s Board Travel Policy.



DATA
PROTECTION



By
signing this agreement you consent to the Company holding and processing information about you which you or any referees may provide
or which it may acquire during the course of this agreement, providing such use is in accordance with the Data Protection Act
1998 and the Data Protection (Jersey) Law 2005. In particular you consent to the Company holding and processing:



| | (a) | personal data relating to you, for
                                         administrative and management purposes; and
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (b) | “sensitive
                                         personal data”relating to you (as defined in the Data Protection Act
                                         1998 and the Data Protection (Jersey) Law 2005)
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------















THIRD
PARTY RIGHTS



The
Contracts (Rights of Third Parties) Act 1999 shall not apply to this agreement. No person other than the parties to this agreement
shall have any rights under it and it will not be enforceable by any person other than the parties to it.



GOVERNING
LAW



This
agreement, and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to this
agreement or its formation (including any non-contractual disputes or claims), shall be governed by and construed in accordance
with Jersey law. Each of the parties to this agreement irrevocably agrees that the courts of Jersey shall have exclusive jurisdiction
to hear and decide any suit, action or proceedings, and/or to settle any disputes, which may arise out of or in connection with
this agreement and, for these purposes, each party irrevocably submits to the jurisdiction of the courts of Jersey.



Please
sign and return the enclosed copy of this letter to confirm your agreement to the above terms.



The
Company looks forward to working with you in the future.



Yours sincerely







C Coleman

for and on behalf of

RANDGOLD RESOURCES LIMITED















I,
Kadri Dagdelen, agree to the above terms of appointment as a non-executive director of Randgold Resources Limited.





|Signature: |  |  | Date:
    8/4/14 May 2014
|---------- |  |  | -------------------------











RANDGOLD RESOURCES LIMITED



BOARD
CHARTER



The
Board Charter for Randgold Resources (the “Company”)sets
out the functions and responsibilities of the Board, the roles of its constituent members and its Committees in order to facilitate
Board and management accountability for the Company’s performance and strategic direction.



| | 1. | Composition of the Board
| | -- | ------------------------



| | 1.1 | The Board will have a majority
                                         of Directors who are non-executive and are judged by the Board to be independent of judgement
                                         and character and free of material relationships with the company and other entities
                                         and people that might influence or would be perceived by shareholders to influence such
                                         judgement.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.2 | The Board will have a balance
                                         of non-executive and executive Directors that is effective for the promotion of shareholder
                                         interests and the governance of the Company although the majority will be independent
                                         nonexecutive directors.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.3 | The qualifications for Directors
                                         are: unquestioned honesty and integrity; a proven track record of creating value for
                                         shareholders; time available to undertake the preparedness to question, challenge and
                                         critique; and a willingness to understand and commit to the highest standards of governance
                                         of the Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.4 | The Board will, with the assistance
                                         of the Governance and Nomination Committee, on an ongoing basis review the skills represented
                                         by the Directors on the Board and determine whether the composition and mix of those
                                         skills remain appropriate to achieve the Company’s strategic objectives.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.5 | Directors will be expected to
                                         participate in all induction programmes, and any continuing education or training arranged
                                         for them.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Role of the Board
| | -- | -----------------



| | 2.1 | The role of the Board is to
                                         organise and direct the affairs of the Company and its subsidiaries (together, the “Group”and each company within the Group a “Group
                                         Company”)in a manner that seeks to maximise the value of the Company
                                         for the benefit of its shareholders as a whole, while complying with relevant regulatory
                                         requirements, the Company’s constitution, and relevant corporate governance standards.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | Responsibilities of the Board
| | -- | -----------------------------



| | 3.1 | The Board takes collective responsibility
                                         for:
| | --- | ---------------------------------------------------------------------------------------



| | (a) | determining the Group’s objectives
                                         and strategy;
| | --- | -----------------------------------------------------------------------------------------



| | (b) | ensuring that the necessary financial
                                         and human resources are in place to allow the Group to achieve its objectives;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | ensuring that the necessary corporate
                                         and management structures are in place to allow the Group to achieve its objectives;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | determining the policies applicable
                                         to the Group;
| | --- | ------------------------------------------------------------------------------------------



| | (e) | determining the nature and extent
                                         of the significant risks it is willing to take in achieving the Group’s strategic
                                         objectives and establishing and maintaining a framework of risk management and internal
                                         controls that enables the strategic, financial and operational risks of the Group to
                                         be assessed and managed;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | monitoring progress by the Group
                                         towards the achievement of its objectives and compliance by the Group with approved plans
                                         and policies and monitoring the decisions and actions of the Chief Executive Officer
                                         and other Executive Directors;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | reporting to relevant stakeholders
                                         on the Group’s activities, presenting a balanced and understandable assessment
                                         of the Group’s position and prospects;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



1







| | (h) | appointing Board Committees with
                                         the appropriate balance of skills, experience, independence and knowledge to meet the
                                         Group’s requirements and relevant corporate governance standards;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | delegating clearly defined responsibilities
                                         and authorities to the Chairman, the Senior Independent Director, the Chief Executive
                                         Officer, Board Committees and otherwise as the Board may determine from time to time;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | determining the information it
                                         requires to fulfil its responsibilities and, in such regard, may make direct requests
                                         for information including from the Chief Executive Officer, any employee, the external
                                         auditor and any third party;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | ensuring that the structure of
                                         remuneration for the Executive Directors is linked to the achievement of the Company’s
                                         strategic objectives; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | formally reviewing its own effectiveness
                                         as well as the effectiveness of its Committees and individual Directors.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.2 | Specific responsibilities of
                                         the Board are set out in the “Reserved Matters” at paragraph 13 below.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | Conduct
| | -- | -------



| | 4.1 | Each Director will ensure that
                                         no decision or action is taken that has the effect of placing his or her interests in
                                         priority to the interests of the Group.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2 | Directors commit to the collective,
                                         group decision-making processes of the Board. Individual Directors will always respect
                                         the contributions of other Directors, and strive to understand their perspective and
                                         contributions to the Board debate and discussion. Directors will debate issues openly
                                         and constructively and be free to question or challenge the opinions presented at meetings
                                         where their own judgement differs from that of other Directors.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.3 | All Directors are expected to
                                         utilise their range of relevant skills, knowledge and experience for all matters discussed
                                         at Board meetings. Executive Directors will ensure that they bring to all Board debate
                                         and discussion their unique knowledge, experience, and perspective on the Group’s
                                         business.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.4 | Directors will use all reasonable
                                         endeavours to attend Board meetings in person or if not possible via conference phone.
                                         Members unable to attend a meeting must advise the Chairman and Company Secretary as
                                         soon as practicable with an explanation for non-attendance.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.5 | Non-executive Directors will
                                         meet at least once a year without Executive Directors or representatives of executive
                                         management present. The Chairman will lead the non-executive sessions.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | Independent Professional Advice
| | -- | -------------------------------



| | 5.1 | The Non-executive Directors
                                         may, with the assistance of the Company Secretary, where they judge it necessary to discharge
                                         their responsibilities as directors, seek independent professional advice at the expense
                                         of the Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.2 | Any Director (other than the
                                         Chairman) seeking to obtain such advice must first agree the scope and an estimate of
                                         the costs of such advice with the Chairman. Where the Chairman seeks to obtain such advice,
                                         he/she must first agree the scope and an estimate of the costs of such advice with the
                                         Senior Independent Director.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.3 | As soon as the substance of
                                         the advice is known, the Director who sought it should inform the Company Secretary who
                                         will arrange for the advice to be imparted to, and where appropriate discussed by the
                                         Board and, if relevant, appropriate Committees.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6. | The Chairman
| | -- | ------------



| | 6.1 | The role of the Chairman is
                                         to lead the Board and ensure that it functions effectively. The Chairman is the Board’s
                                         principal spokesperson, and acts also as Chairman of General Meetings of shareholders.
                                         The Senior
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



2







Independent
Director will stand in for the Chairman in his absence. The Chairman is a Non-Executive Director, appointed by the Board.



| | 6.2 | The specific responsibilities
                                         of the Chairman are to:
| | --- | ----------------------------------------------------------------------------------------------



| | (a) | set the agenda, style and tone
                                         of Board discussions to promote a culture of openness, effective decision making and
                                         constructive debate in Board meetings including appropriate consideration of strategic
                                         issues affecting the Group;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in conjunction with the Chief Executive
                                         Officer, where appropriate, represent the Group to external stakeholders, including shareholders,
                                         customers, suppliers, regulatory and governmental authorities and the community;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | promote the highest standards of
                                         corporate governance within the Group;
| | --- | ----------------------------------------------------------------------------------------------------------------



| | (d) | ensure that the members of the
                                         Board receive accurate, timely and clear information on the Group and its activities;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | ensure effective communication
                                         with shareholders and ensure that Directors develop an understanding of their views,
                                         issues and concerns;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | ensure that the Group maintains
                                         contact, as required, with its principal shareholders about remuneration, governance
                                         and strategy;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | manage the Board to ensure that
                                         appropriate time is allowed for consideration of all issues;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



| | (h) | ensure that there is in place a
                                         properly constructed induction programme for new Directors;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (i) | take the lead in identifying and
                                         agreeing the training and development needs of individual Directors with the Company
                                         Secretary and General Counsel having a key role in facilitating the provision of initiatives
                                         to meet the needs identified;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | address the development needs of
                                         the Board as a whole with a view to enhancing its overall effectiveness as a team and
                                         maintaining its collective skills and knowledge;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | meet with Non-Executive Directors
                                         without the executives present;
| | --- | ----------------------------------------------------------------------------------------------------------



| | (l) | ensure that the performance of
                                         individual Executive and Non-Executive Directors and of the Board as a whole and its
                                         Committees is evaluated at least once a year and act on the results of the performance
                                         evaluation;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (m) | drawing on the guidance of the
                                         Governance and Nomination Committee lead, on behalf of the Non- Executive Directors,
                                         an annual formal evaluation of the performance of each Executive Director;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (n) | encourage active engagement by
                                         all the members of the Board, promoting constructive relations between Executive and
                                         Non-Executive Directors; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (o) | work closely with the Chief Executive
                                         Officer, providing support and advice on matters relevant to strategy and operations
                                         while respecting the executive responsibility of the Chief Executive Officer to manage
                                         the Group.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.3 | The Chairman has access at all
                                         times to the Company Secretary, General Counsel and the external auditors.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



3







| | 7. | The Chief Executive Officer
| | -- | ---------------------------



| | 7.1 | The role of the Chief Executive
                                         Officer is to manage the Group’s business on a day-to-day basis, subject to the
                                         Reserved Matters for the Board and the matters assigned by the Board to the Committees
                                         of the Board, and to assist the Board in carrying out its role by providing advice and
                                         recommendations consistent with the agreed corporate objectives and financial and operational
                                         risk management and regulatory good practice.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.2 | In fulfilling his executive
                                         role, the Chief Executive Officer acts within the authority delegated to him by the Board.
                                         His specific responsibilities include:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | leading the Executive Directors
                                         and the senior management in the day to day running of the Group’s businesses;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | developing and presenting to the
                                         Board the Group strategy and objectives, and ensuring subsidiary companies’ strategies
                                         are consistent with them;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | developing appropriate capital,
                                         corporate and management structures to ensure the Group’s objectives can be met;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | monitoring the operational performance
                                         and strategic direction of the Group;
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (e) | managing the Group’s internal
                                         control framework, including approving management and control policies;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | approving investments/disinvestments
                                         and major contracts (within authorised limits);
| | --- | -----------------------------------------------------------------------------------------------------------------------------



| | (g) | approving the Group’s management
                                         development and succession plans for senior management, and approving appointments and
                                         termination of staff reporting to senior management;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | reporting regularly to the Board
                                         with appropriate, timely and quality information so that the Board can discharge its
                                         responsibilities effectively and in particular will report on the progress being made
                                         by the Group towards its strategic objectives and towards its short, medium and long
                                         term plans; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | in conjunction with the Chairman,
                                         where appropriate, represent the Group to external stakeholders, including shareholders,
                                         customers, suppliers, regulatory and governmental authorities, and the community.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | The Senior Independent Director and
                                         the Non-Executive Directors
| | -- | --------------------------------------------------------------------------------------------------------



| | 8.1 | Senior Independent Director (SID)
| | --- | ---------------------------------



| | (a) | The Senior Independent Director
                                         is an independent Non-Executive Director who is available as a trusted intermediary to
                                         shareholders and other Non-Executive Directors in particular if they have concerns which
                                         contact through the normal channels of Chairman or Chief Executive Officer has failed
                                         to resolve, or for which such contact is inappropriate. He has the power to call meetings
                                         of the Non- Executive Directors should he consider it necessary.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Senior Independent Director
                                         provides a sounding board for the Chairman and shall, at least annually, lead a review
                                         of the performance of the Chairman including a meeting of Directors at which the Chairman
                                         is not present.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Senior Independent Director
                                         has access at all times to the Company Secretary, General Counsel and the external auditors.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



4







| | 8.2 | Non-Executive Directors
| | --- | -----------------------



| | (a) | The role of the Non-Executive Directors
                                         is to participate fully in the functioning of the Board, advising, supporting and challenging
                                         management as appropriate. Further details of the role and responsibilities of Non-Executive
                                         Directors are set out below.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | All Directors are required as members
                                         of a unitary Board:
| | --- | --------------------------------------------------------------------------------------------------



| | (i) | to provide entrepreneurial leadership
                                         of the Group within a framework of prudent and effective controls which enables risk
                                         to be assessed and managed;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | to set the Group’s strategic
                                         aims, ensure that the necessary financial and human resources are in place for the Group
                                         to meet its objectives, and review management performance;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | to set the Group’s values
                                         and standards and ensure that its obligations to its members and others are understood
                                         and met;
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | to bring unfettered judgement to
                                         bear on the issues of strategy, performance, resources, key appointments and standards
                                         of conduct;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | to be able to allocate sufficient
                                         time to the Group to discharge their responsibilities effectively; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | to attend meetings of the Board,
                                         any relevant Committees and any general meetings of shareholders of the Company.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | In addition to these requirements
                                         for all Directors, the role of the Non-Executive Director has the following key elements:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Strategy:Non-Executive Directors should constructively challenge and contribute
                                         to the development of strategy;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Performance:Non-Executive Directors should scrutinise the performance of management
                                         in meeting agreed goals and objectives, and monitor the reporting of performance;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Risks:Non-Executive Directors should satisfy themselves on the integrity of financial
                                         information and that financial controls and systems of risk management are robust and
                                         defensible; and
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | People:Non-Executive Directors are (in conjunction with the Remuneration Committee)
                                         responsible for determining appropriate levels of remuneration of Executive Directors
                                         and have a prime role in succession planning.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The role of the Non-Executive Directors
                                         is also to:
| | --- | --------------------------------------------------------------------------------------------



| | (i) | uphold the highest ethical standards
                                         of integrity and probity;
| | --- | -------------------------------------------------------------------------------------------------------



| | (ii) | support the Executive Directors
                                         in their leadership of the business while monitoring their conduct:
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | question intelligently, debate
                                         constructively, challenge rigorously and decide dispassionately;
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | listen sensitively to the views
                                         of others, inside and outside the Board;
| | ---- | -----------------------------------------------------------------------------------------------------------------



| | (v) | gain the trust and respect of other
                                         Board members;
| | --- | -------------------------------------------------------------------------------------------



| | (vi) | are well informed about the Group
                                         and the external environment in which it operates and the Group’s operations; and
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii) | promote the highest standards of
                                         corporate governance and seek appropriate compliance with the provisions of the UK Corporate
                                         Governance Code.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



5







| | (e) | Non-Executive Directors are appointed
                                         for specific terms subject to election or re-election by shareholders and to the provisions
                                         of the Articles of Association and statutory provisions relating to the removal of Directors.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The Non-Executive Directors have
                                         access at all times to the Company Secretary, General Counsel and the external auditors.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | All Directors have the right to
                                         have any unresolved concerns about the running of the Company or a proposed action recorded
                                         in the minutes.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9. | Fiduciary Duties of all Directors
                                         as directors of a Jersey company
| | -- | -----------------------------------------------------------------------------------------------------------



| | 9.1 | The Companies
                                         (Jersey) Law 1991 also sets out certain statutory duties that the Directors owe to the
                                         Company. These are:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | to act honestly and in good faith
                                         with a view to the best interests of the Company;
| | --- | ----------------------------------------------------------------------------------------------------------------------------



| | (b) | to exercise the care, diligence
                                         and skills that a reasonably prudent person would exercise in comparable circumstances;
                                         and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | to disclose to the Company any
                                         direct or indirect interest that he or she has in any transactions entered into or to
                                         be entered into by the Company which materially conflicts with the Company’s interests.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9.2 | In interpreting these statutory
                                         duties, a Director has a duty to exercise powers for their proper purpose and to account
                                         for profits.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9.3 | Further details of the duties
                                         that a director owes to the Company are set out in the Company’s memorandum entitled
                                         “Memorandum on Duties and Responsibilities of Directors of Randgold Resources Limited”
                                         which is available from the Company Secretary.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10. | Secretary
| | --- | ---------



| | 10.1 | The Company Secretary is accountable
                                         to the Board and his or her appointment and removal is a matter for the Board as a whole.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.2 | The Company Secretary will
                                         advise the Chairman, and through the Chairman, the Board and individual directors on
                                         all matters of business ethics and good governance and will provide practical support
                                         and guidance to the Directors.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.3 | The Company Secretary’s
                                         advice and services shall be available to all Directors and Board Committees.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | 10.4 | The Company Secretary will
                                         be responsible for obtaining independent advisory services at the request of the Board,
                                         Board Committees or individual Directors subject to the procedures set out at paragraph
                                         5 above.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.5 | The Company Secretary will
                                         develop and maintain the information systems and processes and will facilitate the acquisition
                                         of information by the Directors and Board Committees to maximise their ability to contribute
                                         to Board discussions and enable the Board to fulfil its role and to achieve the Company’s
                                         strategic objectives.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.6 | The Company Secretary will
                                         ensure that the procedure for the appointment of directors is properly carried out and
                                         will assist in the proper induction of new directors.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.7 | The Company Secretary will
                                         ensure compliance by the Group with all relevant statutory and regulatory requirements.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.8 | The Company Secretary will
                                         assist in the implementation of corporate strategies by helping to ensure that the Board’s
                                         decisions and instructions are carried out and communicated.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



6







| | 11. | Board Evaluation
| | --- | ----------------



| | 11.1 | The Board will, in conjunction
                                         with the Governance and Nomination Committee, conduct performance evaluations of the
                                         Board as a whole, its Committees, the Chairman, individual Directors, and the governance
                                         processes which support the Board’s work.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.2 | All evaluations will have regard
                                         to the collective nature of Board work, and the operation of the governance processes
                                         established in this document. Evaluations will be conducted annually.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.3 | In its evaluation, the Board
                                         will consider the balance of skills, experience, independence and knowledge of the Company
                                         on the Board, its diversity, including gender, how the Board works together as a unit
                                         and other factors relevant to its effectiveness.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.4 | The Board will, in conjunction
                                         with the Governance and Nomination Committee, conduct evaluations of the performance
                                         of Directors retiring and seeking re-election to the Board. The Board will use the results
                                         of these evaluations in considering the endorsement of Directors for re-election by shareholders.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.5 | The Non-Executive Directors,
                                         led by the Senior Independent Director, will on an annual basis, evaluate the performance
                                         of the Chairman taking into account the views of the Executive Directors.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.6 | The Board will be externally
                                         evaluated at least every three years.
| | ---- | -----------------------------------------------------------------------------------------------------------



| | 11.7 | The annual report will include
                                         a statement as to how performance evaluation of the Board, its Committees and individual
                                         directors has been conducted.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12. | Committees of the Board
| | --- | -----------------------



| | 12.1 | The Board will establish Committees
                                         to assist the Board in exercising its authority.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------



| | 12.2 | The permanent committees of
                                         the Board are the Audit Committee, the Remuneration Committee and the Governance and
                                         Nomination Committee.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.3 | The Board will establish Committee
                                         Terms of Reference to set the constitutional base for each Committee and to set out their
                                         duties and remit. The current Terms of Reference for the Audit Committee, the Remuneration
                                         Committee and the Governance and Nomination Committee are set out in the Appendices to
                                         this document.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.4 | The composition of each Committee
                                         will be set out in the Terms of Reference for the relevant Committee.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.5 | The Committees will be provided
                                         with access to sufficient resources to carry out their activities effectively.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.6 | The Terms of Reference of the
                                         Committees will not be altered without the approval of the Board.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------



| | 13. | Reserved Matters
| | --- | ----------------



| | 13.1 | The Board has reserved some
                                         matters to itself for decision and has delegated certain matters to the Committees of
                                         the Board. Subject thereto, the Board has delegated authority for all other matters to
                                         the Chief Executive Officer.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.2 | The Board has reserved for
                                         its sole discretion the following:
| | ---- | ------------------------------------------------------------------------------------------------------



| | (a) | Objectives
                                         and Strategy
| | --- | ----------------------------------------------------------------



| | (i) | Determination of the Group’s
                                         objectives and review of their achievement.
| | --- | -----------------------------------------------------------------------------------------------------------------



| | (ii) | Determination of the Group’s
                                         strategies and review of their implementation.
| | ---- | --------------------------------------------------------------------------------------------------------------------



| | (b) | Structure
| | --- | ---------



Determination
of the corporate structure of the Group.



7







| | (c) | Capital
                                         and Dividends
| | --- | --------------------------------------------------------------



| | (i) | Approval of changes, which are material
                                         to the Group, relating to the capital of any Group Company, including reduction of share
                                         capital, share issues, share buy backs, reorganisation or restructuring of capital and
                                         the listing or de-listing of any Group Company’s shares or other securities, including
                                         debt instruments, on any recognised investment exchange.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Approval of dividend policy, interim
                                         dividends and recommendation of final dividends of the Company.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Management
| | --- | ----------



Approval
of the annual plans, allocation of capital, and operating and capital expenditure budgets of the Group, and changes to them, which
are material to the Group.



| | (e) | Financial
                                         Reporting, Internal Controls, Risk and Capital management
| | --- | ------------------------------------------------------------------------------------------------------------



| | (i) | Approval of the Company’s interim
                                         and final financial statements including all associated reports and Form 20-F.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Approval of, and material changes
                                         to, the Group’s accounting policies or practices.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------



| | (iii) | Approval of the Company’s
                                         fiscal policies including treasury and hedging policies.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------



| | (iv) | Approval of the Group’s risk
                                         strategy, appetite and tolerance and approval of all financial, legal and ethical controls
                                         of the Company to ensure the appropriate compliance procedures are in place.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | Approval of the results of the annual
                                         review of the effectiveness of the system of internal control.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | Transactions1
| | --- | -------------



| | (i) | Approval of any material transaction
                                         of any Group Company, being:
| | --- | ----------------------------------------------------------------------------------------------------------



| | (A) | any Class 1 or Class 2 transaction
                                         (as defined by the Listing Rules);
| | --- | --------------------------------------------------------------------------------------------------------------



| | (B) | any Class 3 transaction (as defined
                                         by the Listing Rules) which gives rise to any issue of securities;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (C) | any transaction with a related
                                         party (as defined by the Listing Rules) giving rise to an obligation on the Company to
                                         send a circular to its shareholders;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (D) | any new mine development or project.
| | --- | ------------------------------------



| | (ii) | Approval of the commencement of
                                         any material new activity by any Group Company.
| | ---- | ------------------------------------------------------------------------------------------------------------------------



| | (iii) | Approval of the cessation, by any
                                         Group Company, of any material activity previously conducted.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (g) | Communication
| | --- | -------------



| | (i) | Approval of business to be considered
                                         at general meetings of the Company and related documentation to be communicated to shareholders.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Approval of all prospectuses and
                                         listing particulars material to the Group issued by any Group Company, and all communications
                                         with shareholders concerning Board decisions.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Approval of announcements of quarterly,
                                         interim and final results of any Group Company or concerning Board decisions.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------












8







| | (iv) | Approval of communications, which
                                         are material to the Group, with any relevant Regulatory Authority made in the name of
                                         the Board.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | Corporate
                                         Governance, Board, and Other Appointments
| | --- | --------------------------------------------------------------------------------------------



| | (i) | Approval of material changes to the
                                         Board Charter of the Company, including:
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (A) | the matters reserved for the Board;
                                         and
| | --- | --------------------------------------------------------------------------------



| | (B) | the Terms of Reference of Board
                                         Committees.
| | --- | ------------------------------------------------------------------------------------



| | (ii) | Approval of the results of the review
                                         of the effectiveness of the Board, the Chairman, individual Directors and Board Committees.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Approval of changes to the structure,
                                         size and composition of the Board of Directors of the Company.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | Approval of the formal processes
                                         for the selection, induction and training of Directors and review of the implementation
                                         of these processes.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | Determination of the independence
                                         of the Company’s Non-Executive Directors.
| | --- | --------------------------------------------------------------------------------------------------------------------



| | (vi) | Approval of the appointment and
                                         removal of:
| | ---- | ------------------------------------------------------------------------------------



| | (A) | Chairman;
| | --- | ---------



| | (B) | Chief Executive Officer;
| | --- | ------------------------



| | (C) | Executive Directors;
| | --- | --------------------



| | (D) | Non-Executive Directors;
| | --- | ------------------------



| | (E) | Senior Independent Director;
| | --- | ----------------------------



| | (F) | Company Secretary and General Counsel;
| | --- | --------------------------------------



| | (G) | Chairmen of Board Committees;
| | --- | -----------------------------



| | (H) | Members of Board Committees;
| | --- | ----------------------------



and
approval of their respective roles and responsibilities, and any material changes to any of them.



| | (vii) | Approval of any recommendation
                                         to shareholders for the election or re-election of any Director.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (viii) | Approval of the appointment, reappointment
                                         or removal of the Company’s external auditor.
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------



| | (ix) | Approval of the arrangements for
                                         directors’ and officers’ liability insurance and indemnification of directors
                                         within the Group.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (x) | Approval of the Company’s principal
                                         corporate advisors.
| | --- | ------------------------------------------------------------------------------------------------



| | (i) | Remuneration
                                         and Pensions
| | --- | ------------------------------------------------------------------



| | (i) | Approval of the establishment of,
                                         or material changes to, any relevant employee share plans and/or annual cash bonus plans.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Approval of the remuneration and
                                         terms of appointment of any Director and any material changes to them.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Approval of the establishment or
                                         cessation by any Group Company of any pension schemes, under which any directors or officers
                                         of the Group may benefit.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



9







| | (j) | Delegation
                                         of Authority
| | --- | ----------------------------------------------------------------



| | (i) | Approval of the scope and extent
                                         of the role of, and delegations to, the Chairman, Senior Independent Director, Chief
                                         Executive Officer and Executive and Non-Executive Directors.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Approval of the delegations to Board
                                         Committees, as reflected in their Terms of Reference.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------



| | (k) | Policies
| | --- | --------



| | (i) | Approval of material changes to Group
                                         polices.
| | --- | ---------------------------------------------------------------------------------------



| | (l) | Other
| | --- | -----



| | (i) | Such other matters as the Board may
                                         determine from time to time.
| | --- | ---------------------------------------------------------------------------------------------------------



10







APPENDIX
1



Audit
Committee Terms of Reference



| | 1. | Purpose
| | -- | -------



The
Audit Committee will assist the Board of Directors (the “Board”)in fulfilling its oversight responsibilities. The Audit Committee will review the financial reporting process, the
system of internal control and management of financial risks, the audit process, and the Company’s process for monitoring
compliance with laws, regulations and governance and the Company’s Code of Conduct. In performing its duties, the Committee
will maintain effective working relationships with the Board, management, and the internal and external auditors. To perform his/her
role effectively, each Committee member will obtain an understanding of the detailed responsibilities of Committee membership
as well as the Company’s business, operations, and risks.



| | 2. | Authority
| | -- | ---------



The
Board authorises the Audit Committee, within the scope of its responsibilities, to:



| | 2.1 | seek any information it requires
                                         from:
| | --- | -------------------------------------------------------------------------------



| | (a) | any employee (and all employees
                                         are directed to co-operate with any request made by the Audit Committee); and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | external parties;
| | --- | -----------------



| | 2.2 | call any employee to be questioned
                                         at a meeting of the Committee as and when required;
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | 2.3 | ensure the attendance of Company
                                         officers at meetings of the Committee, as appropriate; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | 2.4 | have the right to publish in
                                         the Company’s annual report details of any issues that cannot be resolved between
                                         the Committee and the Board.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | Composition
| | -- | -----------



| | 3.1 | The Audit Committee will comprise
                                         at least three (3) members, each of whom shall be independent for the purposes of the
                                         UK Corporate Governance Code and the NASDAQ stock market independence requirements. Members
                                         of the Committee shall be appointed by the Board on the recommendation of the Governance
                                         and Nomination Committee in consultation with the chairman of the Audit Committee.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.2 | Each member should be capable
                                         of making a valuable contribution to the Committee.
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | 3.3 | At least one member of the Committee
                                         shall have recent and relevant financial experience. The chairman of the Board shall
                                         not be a member of the Committee.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.4 | The chairman of the Audit Committee
                                         will be nominated by the Board from time to time and shall be an independent non-executive
                                         director. In the absence of the Committee chairman and/or an appointed deputy, the remaining
                                         members present shall elect one of themselves to chair the meeting.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.5 | Members will be appointed for
                                         periods of up to three years which may be extended for further periods of up to three
                                         years, provided the director still meets the criteria for membership of the Committee.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.6 | The secretary of the Audit Committee
                                         will be the Company secretary, or his or her nominee.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------



| | 3.7 | The Board may remove members
                                         of the Committee with or without cause.
| | --- | -------------------------------------------------------------------------------------------------------------











| | 4. | Duties, Roles and Responsibilities
| | -- | ----------------------------------



| | 4.1 | Internal Control
| | --- | ----------------



The
Audit Committee will:



| | (a) | keep under review, the adequacy
                                         and effectiveness of the Company’s internal financial controls and internal control
                                         and risk management systems;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | evaluate whether management is
                                         setting the appropriate “control culture” by communicating the importance
                                         of internal control and the management of risk, ensuring that all employees have an understanding
                                         of their roles, responsibilities and duties in compliance with the Company’s system
                                         of internal controls;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | consider how management is held
                                         to account for the security of computer systems and applications, and the contingency
                                         plans for processing financial information in the event of a systems breakdown;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | review whether internal control
                                         recommendations made by the external auditors have been implemented by management;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | review the Company’s annual
                                         risk assessment; and
| | --- | -----------------------------------------------------------------------------------------



| | (f) | review and approve the statements
                                         to be included in the annual report concerning internal controls and risk management.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2 | Financial
                                         Reporting
| | --- | ------------------------------------------------------------



| | (a) | General
| | --- | -------



The
Audit Committee will:



| | (i) | gain an understanding of the current
                                         areas of greatest financial risk and how management is managing these effectively;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | consider with the external auditors
                                         any fraud, illegal acts, deficiencies in internal control or other similar issues;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | review significant accounting and
                                         reporting issues, including recent professional and regulatory pronouncements, and gain
                                         an understanding of their impact on the financial statements;
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | ask management and the external
                                         auditors about significant risks and exposures and the plans to minimize such risks;
                                         and
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | review any legal matters which could
                                         significantly impact the financial statements.
| | --- | ----------------------------------------------------------------------------------------------------------------------------



| | (b) | Annual
                                         Financial Statements
| | --- | --------------------------------------------------------------------



The
Audit Committee will:



| | (i) | review and monitor the integrity
                                         of the annual financial statements and the annual report on Form 20-F and determine whether
                                         they are complete and consistent with the information known to Committee members, assess
                                         whether the financial statements reflect appropriate accounting standards and principles
                                         and make appropriate estimates and judgments, taking into account the view of the external
                                         auditor;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | review and challenge where necessary
                                         the consistency of and any changes to accounting policies on a year to year basis;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | review the clarity of disclosure
                                         in the financial statements and the context in which the statements are made;
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | pay particular attention to complex
                                         and/or unusual transactions such as restructuring charges and derivative disclosures
                                         and review and challenge the methods used to account for significant or unusual transactions
                                         where different approaches are possible;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | (v) | focus on judgmental areas, for example
                                         those involving valuation of assets and liabilities, warranty, product or environmental
                                         liability, litigation reserves, and other commitments and contingencies;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | meet with management and the external
                                         auditors to review the financial statements and the results of the audit; and
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii) | review the other sections of the
                                         annual report before its release and consider whether the information is understandable
                                         and consistent with members’ knowledge about the Group and its operation.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Preliminary
                                         Announcements, Interim and Quarterly Financial Statements and other announcements relating
                                         to financial performance
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The
Audit Committee will:



| | (i) | review and monitor the integrity
                                         of preliminary announcements, interim and quarterly financial statements and other announcements
                                         relating to financial performance and assess whether they reflect appropriate accounting
                                         standards and principles and make appropriate estimates and judgments taking into account
                                         the views of the external auditor;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | assess the fairness of the preliminary
                                         announcements, interim and quarterly financial statements and other announcements relating
                                         to financial performance, including reviewing the clarity of disclosure and the context
                                         in which statements are made and obtain explanations from management and external auditors
                                         on whether:
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | actual financial results for the
                                         relevant period varied significantly from budgeted or projected results;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | changes in financial ratios and
                                         relationships in the relevant financial statements are consistent with changes in the
                                         Company’s operations and financial practices;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (C) | the appropriate accounting standards
                                         and principles have been consistently applied;
| | --- | ----------------------------------------------------------------------------------------------------------------------------



| | (D) | there have been actual or there
                                         are proposed to be changes in accounting or financial reporting practices;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (E) | there are or have been any significant
                                         or unusual events or transactions and whether the methods used to account for significant
                                         or unusual transactions are appropriate;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (F) | the Company’s financial and
                                         operating controls are functioning effectively; and
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (G) | the preliminary announcements and
                                         interim and quarterly financial statements and other announcements relating to financial
                                         performance contain adequate and appropriate disclosures.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.3 | External
                                         Audit
| | --- | -------------------------------------------------------



The
Audit Committee will:



| | (a) | review the external auditors’
                                         terms of engagement and approve the proposed audit scope and approach and ensure no unjustified
                                         restrictions or limitations have been placed on the scope;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | review and oversee the relationship
                                         and the performance of the external auditors;
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | (c) | make recommendations on the auditor’s
                                         remuneration and whether fees for audit or non-audit services are appropriate, including
                                         to enable an adequate audit to be conducted;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | assessing annually the auditor’s
                                         independence and objectivity, taking into account relevant professional and regulatory
                                         requirements and the relationship with the auditor as a whole including the provision
                                         of any non-audit services;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | satisfying itself that there are
                                         no relationships (such as family, employment, investment, financial or business) between
                                         the auditor and the Company (other than in the ordinary course of business);
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | (f) | make recommendations to the Board
                                         regarding the appointment, reappointment and removal of the external auditors and the
                                         rotation of the audit partner. The Committee shall oversee the selection process for
                                         a new auditor and if an auditor resigns, the Committee shall investigate the issues leading
                                         to this and decide whether any action is required;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | agree with the Board a policy on
                                         the employment of former employees of the Company’s auditor, and monitor the implementation
                                         of this policy;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | monitor the auditor’s compliance
                                         with relevant ethical and professional guidance on the rotation of audit partner, the
                                         level of fees paid by the Company compared to the overall fee income of the firm, office
                                         and partner and other related requirements;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | assess annually the qualifications,
                                         expertise and resources of the auditor and the effectiveness of the audit process, which
                                         shall include a report from the external auditor on their own internal quality procedures;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | seek to ensure co-ordination with
                                         the activities of the internal audit function;
| | --- | -------------------------------------------------------------------------------------------------------------------------



| | (k) | meet regularly with the external
                                         auditor, including once at the planning stage before the audit and once after the audit
                                         at the reporting stage. The Committee shall meet the external auditor at least once a
                                         year, without management being present, to discuss the auditor’s remit and any
                                         issues arising from the audit;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | review and approve the annual audit
                                         plan and ensure that it is consistent with the scope of the audit engagement;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (m) | review the findings of the audit
                                         with the external auditor. This shall include but not be limited to, the following:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | discussion of any major issues which
                                         arose during the audit;
| | --- | -----------------------------------------------------------------------------------------------------



| | (ii) | any accounting and audit judgements;
| | ---- | ------------------------------------



| | (iii) | levels of errors identified during
                                         the audit; and
| | ----- | ------------------------------------------------------------------------------------------



| | (iv) | the effectiveness of the audit.
| | ---- | -------------------------------



| | (n) | review any representation letter(s)
                                         requested by the external auditor before they are signed by management;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (o) | review the management letter and
                                         management’s response to the auditor’s findings and recommendations; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (p) | develop and implement a policy
                                         on the supply of non-audit services by the external auditor, taking into account any
                                         relevant ethical guidance on the matter.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.4 | Internal
                                         Audit
| | --- | -------------------------------------------------------



The
Audit Committee shall:



| | (a) | monitor and review the effectiveness
                                         of the Company’s internal audit function in the context of the Company’s
                                         overall risk management system;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | approve the appointment and removal
                                         of the head of the internal audit function;
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (c) | consider and approve the remit
                                         of the internal audit function and ensure it has adequate resources and appropriate access
                                         to information to enable it to perform its function effectively and in accordance with
                                         the relevant professional standards. The Committee shall also ensure the function has
                                         adequate standing and is free from management or other restrictions;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | review and assess the annual internal
                                         audit plan;
| | --- | ------------------------------------------------------------------------------------------



| | (e) | review reports addressed to the
                                         Committee from the internal auditor;
| | --- | -------------------------------------------------------------------------------------------------------------











| | (f) | review and monitor management’s
                                         responsiveness to the findings and recommendations of the internal auditor; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | meet the head of internal audit
                                         at least once a year, without management being present, to discuss their remit and any
                                         issues arising from the internal audits carried out. In addition, the head of internal
                                         audit shall be given the right of direct access to the chairman of the Board and to the
                                         Committee.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.5 | Risks
| | --- | -----



The
Audit Committee shall:



| | (a) | advise the Board on the Group’s
                                         overall risk appetite, tolerance and strategy in connection with its business plans and
                                         operations, taking account of the current and prospective local and international regulatory,
                                         political, trading and economic environments within which it operates;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | oversee and advise the Board on
                                         the current risk exposures of the Group and future risk strategy;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | before a decision to proceed is
                                         taken by the Board, if requested by the Board, advise the Board on proposed strategic
                                         transactions, including any significant new project, tender, development phase, acquisition
                                         or disposal, ensuring that a suitable due diligence appraisal of the proposition is undertaken,
                                         focussing in particular on risk aspects and implications for the risk appetite and tolerance
                                         of the Company, and taking independent external advice where appropriate and available;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | review the adequacy and effectiveness
                                         of environmental and health and safety policies, strategies, standards, reporting and
                                         management behaviours, including organisational structures, compliance processes and
                                         competency within the Group and where relevant in respect of instruction, coordination
                                         and supervision of contractors, and equivalent arrangements in relation to other key
                                         project and operational risks and responsibilities such as concerning local employment,
                                         sustainable development, human rights and managing relationships with communities and
                                         other stakeholder engagement; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | review and monitor the effectiveness
                                         of the Group’s risk management systems, including reviewing the process of indentifying,
                                         assessing and reporting key risks and control activities as well as reviewing the Group’s
                                         annual review report.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | Compliance, whistleblowing and fraud
| | -- | ------------------------------------



The
Audit Committee shall:



| | 5.1 | review the adequacy and security
                                         of the Company’s arrangements for its employees and contractors to raise concerns,
                                         in confidence, about possible wrongdoing in financial reporting or other matters. The
                                         Committee shall ensure that these arrangements allow proportionate and independent investigation
                                         of such matters and appropriate follow up action;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.2 | review the Company’s procedures
                                         for detecting fraud and the results of any management investigation of any suspected
                                         fraudulent acts;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.3 | review the Company’s systems
                                         and controls for the prevention of bribery and receive reports on non- compliance;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.4 | review the effectiveness of
                                         the system for monitoring compliance with laws and regulations and the results of any
                                         management’s investigation into non-compliance;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.5 | obtain regular updates from
                                         management and the Company’s legal counsel regarding compliance matters;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | 5.6 | be satisfied that all regulatory
                                         compliance matters have been considered in the preparation of the financial statements;
                                         and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.7 | review the findings of any investigation,
                                         report or examination by any external regulatory agency and make appropriate recommendations
                                         to the Board.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











APPENDIX 2



Remuneration Committee Terms of Reference



| | 1. | Purpose
| | -- | -------



The
Remuneration Committee is charged with the responsibility of determining and agreeing with the Board of Directors (the “Board”)the framework or broad policy for the remuneration of the chairman, the executive directors and senior management of the
Company.



| | 2. | Composition
| | -- | -----------



| | 2.1 | The Remuneration Committee (the
                                         “Committee”)shall be made up of at least three (3) members, each of whom who shall be an independent
                                         non-executive director for the purposes of the UK Corporate Governance Code and independent
                                         for the purposes of the NASDAQ Stock Market independence requirements. The chairman of
                                         the Board may also serve on the Committee as an additional member (but will not chair
                                         the Committee) if he or she was considered independent on appointment as chairman.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.2 | Members of the Committee shall
                                         be appointed by the Board, on the recommendation of the Governance and Nomination Committee
                                         and in consultation with the chairman of the remuneration Committee.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.3 | Each member should be capable
                                         of making a valuable contribution to the Committee.
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | 2.4 | The Committee members shall
                                         be appointed by the Board for periods of up to three years, which may be extended for
                                         further periods of up to three years, provided the director still meets the criteria
                                         for membership of the Committee.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.5 | The Board may remove members
                                         of the Committee with or without cause.
| | --- | -------------------------------------------------------------------------------------------------------------



| | 2.6 | The Board shall appoint the
                                         Committee chairman who shall be an independent non-executive director. In the absence
                                         of the Committee chairman and/or an appointed deputy at any meeting of the Committee,
                                         the remaining members present shall elect one of themselves to chair the meeting who
                                         would qualify under these terms of reference to be appointed to that position by the
                                         Board.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.7 | The Company
                                         secretary or his or her nominee shall act as the secretary of the Committee.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | 3. | Duties, Responsibilities and Authority
| | -- | --------------------------------------



The
Committee shall:



| | 3.1 | Remuneration
                                         Policy
| | --- | ------------------------------------------------------------



| | (a) | determine and agree with the Board
                                         the framework or broad policy for the remuneration of the chairman of the Board, chief
                                         executive, and the other executive directors, the Company secretary and such other members
                                         of the executive management as it is designated to consider. The remuneration of non-executive
                                         directors shall be a matter for the executive members of the Board. No director or manager
                                         shall be involved in any decisions as to their own remuneration;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in determining such policy, take
                                         into account all factors which it deems necessary including relevant legal and regulatory
                                         requirements, the provisions and recommendations of the UK Corporate Governance Code
                                         and associated guidance, and the NASDAQ stock market requirements. The objective of such
                                         policy shall be to ensure that members of the executive management of the Company are
                                         provided with appropriate incentives to encourage enhanced performance and are, in a
                                         fair and responsible manner, rewarded for their individual contributions to the success
                                         of the Company;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | when setting remuneration policy
                                         for directors, review and have regard to the remuneration trends across the Company or
                                         Group as a whole;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | review the ongoing appropriateness
                                         and relevance of the remuneration policy;
| | --- | ---------------------------------------------------------------------------------------------------------------------











| | (e) | within the terms of the agreed
                                         policy and in consultation with the chairman and/or chief executive, as appropriate,
                                         determine the total individual remuneration package of the chairman of the Board, each
                                         executive director, Company secretary and other designated senior executives including
                                         bonuses, incentive payments and restricted share awards or other share awards; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | on an annual basis and within the
                                         context of paragraph 3.1(e) above, review corporate goals and objectives relevant to
                                         the chief executive’s compensation, evaluate the chief executive’s performance
                                         in light of those goals and objectives, and determine the chief executive’s compensation
                                         level based on this evaluation. In determining any long-term incentive component of the
                                         chief executive’s compensation, the Committee shall consider the Company’s
                                         performance and relative shareholder return, the value of similar incentive awards to
                                         chief executive officers at comparable companies, and the awards given to the Company’s
                                         chief executive in past years.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.2 | Remuneration
                                         Consultants
| | --- | -----------------------------------------------------------------



| | (a) | obtain reliable, up-to-date information
                                         about remuneration in other companies. To help it fulfil its obligations the Committee
                                         shall have full authority to appoint remuneration consultants and to commission or purchase
                                         any reports, surveys or information which it deems necessary within any budgetary restraints
                                         imposed by the Board; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | be exclusively responsible for
                                         establishing the selection criteria, selecting, appointing and setting the terms of reference
                                         for any remuneration consultants who advise the Committee.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.3 | Performance
                                         related pay and other benefits
| | --- | -----------------------------------------------------------------------------------



| | (a) | approve the design of, and determine
                                         targets for, any performance related pay schemes operated by the Company and approve
                                         the total annual payments made under such schemes;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | review the design of all share
                                         incentive plans for approval by the Board and (if required) by the shareholders. For
                                         any such plans, determine each year whether awards will be made, and if so, the overall
                                         amount of such awards, the individual awards to executive directors, Company secretary
                                         and other designated senior executives and the performance targets to be used;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | determine the policy for, and scope
                                         of, pension arrangements for each executive director and other designated senior executives;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | oversee any major changes in employee
                                         benefits structures throughout the Company or Group;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------



| | (e) | agree the policy for authorising
                                         claims for expenses from the directors; and
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (f) | ensure that contractual terms on
                                         termination, and any payments made, are fair to the individual, and the Company, that
                                         failure is not rewarded and that the duty to mitigate loss is fully recognised.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.4 | Other
                                         responsibilities
| | --- | ---------------------------------------------------------------



Carry
out any other responsibilities as determined by the Board.



| | 4. | Meetings
| | -- | --------



| | 4.1 | Only members of the Committee
                                         have the right to attend Committee meetings. However, other individuals such as the chief
                                         executive, the head of human resources and external advisers may be invited to attend
                                         for all or part of any meeting, as and when appropriate and necessary.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2 | A quorum shall consist of two
                                         members both of whom shall be independent non-executive directors. A duly convened meeting
                                         of the Committee at which a quorum is present shall be competent to exercise all or any
                                         of the authorities, powers and discretions vested in or exercisable by the Committee.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.3 | Meetings shall be held not less
                                         than four times a year with other meetings being convened as required.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | 4.4 | Meetings of the Committee shall
                                         be called by the secretary of the Committee at the request of the Committee chairman.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------











| | 4.5 | Unless otherwise
                                         agreed, notice of each meeting confirming the venue, time and date together with an agenda
                                         of items to be discussed, shall be forwarded to each member of the Committee, any other
                                         person required to attend and all other non-executive directors, no later than four working
                                         days before the date of the meeting. Supporting papers shall be sent to Committee members
                                         and to other attendees, as appropriate, at the same time.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.6 | The secretary shall minute the
                                         proceedings and resolutions of all Committee meetings.
| | --- | ------------------------------------------------------------------------------------------------------------------------------



| | 4.7 | Draft minutes of Committee meetings
                                         shall be circulated to all members of the Committee. Once approved, minutes should be
                                         circulated to all other members of the Board unless it would be inappropriate to do so.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.8 | The Committee
                                         chairman shall report to the Board the results of its proceedings, deliberations and
                                         activities after each meeting.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | Other matters
| | -- | -------------



| | 5.1 | The Committee chairman should
                                         attend the annual general meeting to answer any shareholder questions on the Committee’s
                                         activities.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.2 | The Committee shall make whatever
                                         recommendations to the Board it deems appropriate on any area within its remit where
                                         action or improvement is needed.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.3 | The Committee shall produce
                                         a report of the Company’s remuneration policy and practices to be included in the
                                         Company’s annual report and ensure each year that it is put to shareholders for
                                         approval at the AGM.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.4 | The Committee shall prepare
                                         and produce any reports required by any applicable regulatory authority for any jurisdiction
                                         in which the Company’s securities are traded, including, but not limited to, the
                                         annual report on executive compensation as required by the Securities and Exchange Commission.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.5 | The Committee shall have access
                                         to sufficient resources in order to carry out its duties, including access to the Company
                                         secretariat for assistance as required.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.6 | The Committee shall give due
                                         consideration to laws and regulations, the provisions of the UK Corporate Governance
                                         Code and the requirements of the UK Listing Authority’s Listing, Prospectus and
                                         Disclosure and Transparency Rules and any other applicable rules, as appropriate.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.7 | The Committee shall arrange
                                         for periodic reviews of its own performance and, at least annually, review its constitution
                                         and terms of reference to ensure it is operating at maximum effectiveness and recommend
                                         any changes it considers necessary to the Board for approval.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.8 | The Committee is authorised
                                         by the Board to obtain, at the Company’s expense, outside legal or other professional
                                         advice on any matters within its terms of reference.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











APPENDIX 3



Governance and Nomination Committee Terms
of Reference



| | 1. | Purpose
| | -- | -------



The
Governance and Nomination Committee (the “Committee”)of the Board of Directors (the “Board”)
shallassist the Board in identifying qualified individuals for service as directors of the Company and as Board
Committee members; develop and monitor a process for evaluating Board effectiveness; and oversee the development and administration
of the Company’s Code of Conduct.



| | 2. | Composition
| | -- | -----------



| | 2.1 | The Committee shall consist
                                         of at least three (3) non-executive directors, each of whom shall be independent for
                                         the purposes of the UK Corporate Governance Code and the NASDAQ Stock Market independence
                                         requirements. The chairman of the Board may also serve on the Committee as a member if
                                         he or she was considered independent on appointment as chairman.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.2 | Each member should be capable
                                         of making a valuable contribution to the Committee.
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | 2.3 | The Committee members shall
                                         be appointed by the Board and shall be appointed for a period of up to three years, which
                                         may be extended for further periods of up to three years, provided the director still
                                         meets the criteria for membership of the Committee.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.4 | The Board may remove Committee
                                         members with or without cause.
| | --- | ------------------------------------------------------------------------------------------------------



| | 2.5 | The Board shall appoint the
                                         Committee chairman who should be either the chairman of the Board or an independent non-executive
                                         director. In the absence of the Committee chairman and/or an appointed deputy, at a meeting
                                         of the Committee the remaining members present shall elect one of themselves to chair
                                         the meeting from those who would qualify under these terms of reference to be appointed
                                         to that position by the Board. The chairman of the Board shall not chair the Committee
                                         when it is dealing with the matter of succession to the chairmanship.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.6 | The Company secretary or his
                                         or her nominee shall act as the secretary of the Committee.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | 3. | Duties, Responsibilities and
                                         Authority
| | -- | -------------------------------------------------------------------------------



The
Committee shall:



| | 3.1 | Director
                                         nominations
| | --- | -------------------------------------------------------------



lead
the search to select qualified candidates of high personal and professional integrity and ability to serve the Company’s
interests as directors and to contribute to the Board’s effectiveness.



| | 3.2 | Board
                                         size and composition and Board Committees
| | --- | ----------------------------------------------------------------------------------------



| | (a) | evaluate from time to time the
                                         structure, size and composition (including the skills, knowledge, experience and diversity)
                                         of the Board and recommend to the Board any desired changes;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | give full consideration to and
                                         make recommendations to the Board in relation to, succession planning for directors (and,
                                         in particular, for the key roles of chairman and chief executive officer) and other senior
                                         executives in the course of its work, taking into account the challenges and opportunities
                                         facing the Company, and the skills and expertise needed on the Board in the future;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | keep under review the leadership
                                         needs of the organisation, both executive and non-executive, with a view to ensuring
                                         the continued ability of the Company to compete effectively in the marketplace;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | keep up to date and fully informed
                                         about strategic issues and commercial changes affecting the Company and the market in
                                         which it operates;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | (e) | before any appointment is made
                                         by the Board, evaluate the balance of skills, knowledge, experience and diversity on
                                         the Board, and, in the light of this evaluation prepare a description of the role and
                                         capabilities required for a particular appointment. In identifying suitable candidates
                                         the Committee shall:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | if deemed appropriate, use open advertising
                                         or the services of external advisers to facilitate the search;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | consider candidates from a wide
                                         range of backgrounds; and
| | ---- | --------------------------------------------------------------------------------------------------



| | (iii) | consider candidates on merit and
                                         against objective criteria and with due regard for the benefits of diversity on the Board,
                                         including gender, taking care that appointees have enough time available to devote to
                                         the position;
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | for the appointment of a chairman
                                         of the Board, prepare a job specification, including the time commitment expected. A
                                         proposed chairman of the Board’s other significant commitments should be disclosed
                                         to the Board before appointment and any changes to the chairman of the Board’s
                                         commitments should be reported to the Board as they arise;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | prior to the appointment of a director,
                                         require the proposed appointee to disclose any other business interests that may result
                                         in a conflict of interest and be required to report any future business interests that
                                         could result in a conflict of interest;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | ensure that on appointment to the
                                         Board, non-executive directors receive a formal letter of appointment setting out clearly
                                         what is expected of them in terms of time commitment, Committee service and involvement
                                         of outside Board meetings;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | make recommendations to the Board
                                         concerning suitable candidates for the role of senior independent director;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | make recommendations to the Board
                                         concerning membership of the Committee, and the audit and remuneration Committees, and
                                         any other Board Committees as appropriate, in consultation with the chairmen of those
                                         Committees;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | make recommendations to the Board
                                         concerning the re-appointment of any non-executive director at the conclusion of their
                                         specified term of office having given due regard to their performance and ability to
                                         continue to contribute to the Board in the light of the knowledge, skills and experience
                                         required;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | make recommendations to the Board
                                         concerning the re-election by shareholders of directors under the annual re-election
                                         provisions of the UK Corporate Governance Code or the retirement by rotation provisions
                                         in the Company’s articles of association, having due regard to their performance
                                         and ability to continue to contribute to the Board in the light of the knowledge, skills
                                         and experience required and the need for progressive refreshing of the Board (particularly
                                         in relation to directors being re-elected for a term beyond six years);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (m) | make recommendations to the Board
                                         concerning any matters relating to the continuation in office of any director at any
                                         time including the suspension or termination of service of an executive director as an
                                         employee of the Company subject to the provisions of the law and their service contract;
                                         and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (n) | make recommendations to the Board
                                         concerning the appointment of any director to executive or other office.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.3 | Board
                                         self-evaluation
| | --- | --------------------------------------------------------------



| | (a) | review annually the time required
                                         from non-executive directors. Performance evaluation should be used to assess whether
                                         the non-executive directors are spending enough time to fulfil their duties; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | facilitate the Board’s self-evaluation
                                         process to assess the effectiveness of Board and Committee practices and the performance
                                         of the Board and its Committees as a whole.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | 3.4 | Corporate governance
| | --- | --------------------



| | (a) | develop, recommend to the Board
                                         and administer such corporate governance guidelines and practices as are required by
                                         laws or regulations applicable to the Company or that the Committee otherwise deems appropriate;
                                         and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | oversee the development and maintenance
                                         of, and approval of the Company’s Code of Conduct.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------



| | 3.5 | Shareholder
                                         proposals and communications
| | --- | ---------------------------------------------------------------------------------



review
and make recommendations to the Board regarding any proposals received from the Company’s shareholders that relate to corporate
governance. The Committee may develop such policies and procedures as it deems appropriate with respect to: (i) the acceptance
and consideration of any nominations for director appointments received from shareholders, subject to the requirements of any
applicable laws or regulations and (ii) any other communications received from the Company’s shareholders to the Board.



| | 3.6 | Advisors
| | --- | --------



have
the authority to engage any search firm to assist in identifying director candidates and have the authority to seek advice from
internal and external sources, as the Committee deems appropriate to assist in discharging its responsibilities.



| | 3.7 | Other
                                         responsibilities
| | --- | ---------------------------------------------------------------



carry
out such other responsibilities as the Board may determine.



| | 4. | Meetings
| | -- | --------



| | 4.1 | Only members of the Committee
                                         have the right to attend Committee meetings. However, other individuals, such as the
                                         chief executive, the head of human resources and external advisers, may be invited to
                                         attend for all or part of any meeting as and when appropriate and necessary.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2 | A quorum shall consist of two
                                         members both of whom shall be independent non-executive directors. A duly convened meeting
                                         of the Committee at which a quorum is present shall be competent to exercise all of any
                                         of the authorities, powers and discretions vested in or exercisable by the Committee.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.3 | Meetings shall be held not less
                                         than four times a year, with other meetings being convened as required.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.4 | Meetings of the Committee shall
                                         be called by the secretary of the Committee at the request of the Committee chairman.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.5 | Unless otherwise agreed, notice
                                         of each meeting confirming the venue, time and date, together with an agenda of items
                                         to be discussed, shall be forwarded to each member of the Committee, any other person
                                         required to attend and all other non-executive directors, no later than four working
                                         days before the date of the meeting. Supporting papers shall be sent to Committee members
                                         and to other attendees as appropriate, at the same time.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.6 | The secretary shall minute the
                                         proceedings and resolutions of all Committee meetings.
| | --- | ------------------------------------------------------------------------------------------------------------------------------



| | 4.7 | Draft minutes of Committee meetings
                                         shall be circulated to all members of the Committee. Once approved, minutes should be
                                         circulated to all other members of the Board unless it would be inappropriate to do so.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.8 | The Committee chairman shall
                                         report to the Board the results of its proceedings, deliberations and activities after
                                         each meeting.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | Other matters
| | -- | -------------



| | 5.1 | The Committee chairman should
                                         attend the annual general meeting to answer any shareholder questions on the Committee’s
                                         activities.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.2 | The Committee shall make whatever
                                         recommendations to the Board it deems appropriate on any area within its remit where
                                         action or improvement is needed.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | 5.3 | The Committee shall produce
                                         a report to be included in the Company’s annual report about its activities, the
                                         process used to make appointments and explain if external advice or open advertising
                                         has not been used.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.4 | The Committee shall have access
                                         to sufficient resources in order to carry out its duties, including access to the Company
                                         secretariat for assistance as required.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.5 | The Committee shall give due
                                         consideration to laws and regulations, the provisions of the UK Corporate Governance
                                         Code and the requirements of the UK Listing Authority’s Listing, Prospectus and
                                         Disclosure and Transparency Rules and any other applicable Rules, as appropriate.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.6 | The Committee shall arrange
                                         for periodic reviews of its own performance and, at least annually, review its constitution
                                         and terms of reference to ensure it is operating at maximum effectiveness and recommend
                                         any changes it considers necessary to the Board for approval.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.7 | The Committee is authorised
                                         by the Board to obtain, at the Company’s expense, outside legal or other professional
                                         advice on any matters within its terms of reference.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------