Ladies and gentlemen, welcome to the Randgold Q4 and year-end results. For the duration of the call you will be on listen-only. However at the end of the presentation you will have the opportunity to ask questions. (Operator Instructions). I will now hand you over to the Chairman, Mr. Philippe Lietard to begin. Thank you.

Thank you, and good morning and good afternoon, ladies and gentlemen, and welcome to this presentation of Randgold’s results. In 1988 when I joined the Randgold board, the company has recently listed on the London Stock Exchange and was just embarking on the Morila feasibility study. The gold prices were at historically low levels, the gold mining industry was in disarray and gold stocks were badly out of favor. So much has changed since then, that the Randgold of today is barely recognizable as a grown up version of that little exploration company. In the ensuing years it has built five world class mines in three countries, most of them based on its own discoveries. It has joined the FTSE 100, has listed on NASDAQ and has become a go-to for share for shrewd investors. We have also experienced the longest bull-run in gold’s history. But as we say in French, Plus ça change, plus c’est la même chose; the more things change the more they remain the same. And that is certainly true of the gold mining industry. Having failed to create real value in the bull market it is now again floundering as it attempts to deal with the downturn in the gold price. Nor has the essence of Randgold changed. It has grown in size and rich, but it’s founding strategy of creating real values for discovery and development that it strives to deliver remain intact. This is why as the past year’s results have shown again Randgold stands almost alone in terms of its capacity to sustain its profitability even at lower gold prices and why it can coincidentally forecast growth in production over the next five years on the back of new or expanding operations, higher grades and lower costs and a robust balance sheet. The successful early start-up of Kibali in September epitomizes all the characteristic Randgold qualities; a long and focused vision and entrepreneurial flair, an effective risk management and operational competence and productive partnerships. It stands as a sitting marker to another great step forward in the Randgold voyage. So on a more personal note I would prepare to move on but it is with immense satisfaction to have been associated with a unique adventure and also with the conviction that a strong condition of the company, the clarity of its strategic destination, the exceptional quality of its leadership guarantee that the voyage will continue. So I will stop here. Thank you so much for your attention and thank you also for your interest in our company. Mark?

Thanks, Philippe, and good morning to those in the U.S. and good afternoon and evening here in South Africa and Europe. I think we have given the full presentation earlier on today and that presentation is available on our website. But my intention this afternoon as has become customary is to try and paraphrase that presentation for everyone and then give people a chance to ask questions. So really looking back, you know, Randgold has made significant advances throughout its history but very few have been as significant as 2013 given a lot of reasons. We had many challenges, we brought on the Kibali Project and we were able to really deal with those operational challenges and demonstrate the whole Randgold value and that we were able to increase throughput, improve our recoveries at Loulo and Gounkoto, deal with the multi-faceted challenges of bringing a new mine into production and also Loulo-Gounkoto delivered for the first time at its full design. If we move to the second slide in the presentation I think I’ll just take this opportunity, it’s always good in a record year to reflect on where you’ve come from and by no means are we claiming that we always got it right. We’ve had to deal with our fair share of failures throughout our history and with sometimes surprising social and political turns in Africa, it’s always a dynamic operational environment. But I would point out that we’ve always been clear about our objectives and our strategic destination. And we’ve been able to get back on track when things have gone wrong. There’s no better example than in 2013. And this graph that I include really shows what I mean, and what it really underscores is what I have always said is you cannot run a gold…

Thank you. (Operator Instructions) The first question comes from the line of Patrick Chidley from HSBC. Please go ahead. Patrick Chidley – HSBC: Hi, Mark can you hear me?

Hello, Patrick. Yes we can. How are you? Patrick Chidley – HSBC: Good, thanks. Just want to ask couple of [inaudible] questions on Kibali and the plant capacity of 7.2 million tons does that – that doesn’t include the oxide, the proposed additional oxide plant, could you may be going into the detail on that?

No, it doesn’t. For everyone’s information we’ve definitely got the scoping done on additional circuit, oxide circuit where it will come into our 2015 capital program. It’s about $20 million running over from late 2015 into 2016. We have designed it for 600,000 tons a month and just the reason why is that the mine itself Kibali was banked on the basis of us running oxide for the first two years and then on the one stream and then campaigning because we just don’t have a lot of oxide. This is a sulphide mine long term. But when we looked at it we always have a little bit of oxide around and so 50,000 ton a month oxide circuit would take away the requirement to constantly retrofit the oxide crusher every time we built up oxide ore to campaign. At the same time it feeds oxide at 50,000 tons a month into the CIL circuit which will treat the tails from the flotation and that’s a very small volume. So it bulks up the CIL circuit and it efficiently consumes the cyanide, otherwise we would have to kill the cyanide and so we use that extra cyanide not only to cover gold from the flotation tails but also to process that small stream of oxide. So effectively it would lift the overall capacity of the plant to 7.8 million tons a year. Patrick Chidley – HSBC: Right, okay. Thanks very much. And then in terms of the underground production tonnage that you would expect at Kibali just long term where is that going to be end up at the moment from the news at the plant?

It’s 3.2 million to 3.6 million tons a year. Patrick Chidley – HSBC: Got it.

And it will be you know Patrick there is some little oxide. The capacity of the plant is I mean of the shaft is 3.6 and we have always made in our plant to hoist 3.2, there is waste and other things but we have also got the declines at the same time, it’s much more efficient to bring it out of the shaft. But we have got flexibility in that. We don’t get to 3.6 million tons in our ten year plan. Patrick Chidley – HSBC: Okay, all right, thank you. And lastly just on the Massawa, what was the – based on the reserve model you had what was the original capital that you…?

It’s about $300 million. It’s a small operation because you float the sulphides ore brought up by the full floatation and then you process that concentrate through the plant. So the actual processing part, the gold melting part is very small. And that was run at a $1,000 Patrick, so 1.8 million ounces at a $1,000 that gives our share of it is whatever 83% of that and it’s nowhere near our 3 million [inaudible] yet but it is viable at thousand. Patrick Chidley – HSBC: Okay, thanks very much Mark.

Sure.

Thank you. The next question comes from the line of [Howie Klinker for Klinker & Company]. Please go ahead.

Hi, Mark.

How’s it, Howie, how are you?

Good. How are you?

I am good, thank you, a whole lot better than you. I am in Cape Town.

No we’re fine here. Snow is pleasant. I have a few questions. First overall how did you get your depreciation down in the quarter from a $34 million down to $19 million when your production was up?

It’s just a product of the year and the way we – every fourth quarter we make an adjustment. And it’s because we through the quarter in the countries in which we operate we depreciate on a straight line basis, life of mine but when we consolidate in a group at the end of the year we use a tonnes basis. And so there is an adjustment we have always done it. Some years its bigger than the other. I’ll ask Graham to embellish on that but I think I’ve got the draft.

You mean last year’s fourth quarter too?

Yeah you are spot on Mark that’s right, Howie, if you look at last year as well there was an adjustment in the fourth quarter as well.

So this year’s adjustment was bigger, relatively bigger?

Correct.

Oh, I see okay. Second question are you going to spend about $300 million on Kibali this year to CapEx?

Yes.

Okay. And second last…

310 to be exact.

Oh, what’s 10 million between friends.

Every dollar counts Howie.

Yes, I know. At Tongon your tonnes mined were the same I am not sure what ore tonnes mine means because they were lower. But your cost dropped substantially with the same tonnes mine please explain that to an amateur asking a question.

Well it’s a good observation. We’ve been beating up on all our suppliers and contactors. We started in May as we promise you we’ve been tightening the belt. We have not left one stone unturned. The other big drawback, so there is efficiencies in that and you can see we’ve reduced the ore tonnes mine overall because we don’t want to tie up working capital in stock – and the other big player in the cost for Tongon has been the power efficiencies, we really got on top of the power. We had a little all setback in December and it’s going to loss for where we had a part, one of the what it’s called when you convert – transformer blew apart which has taken a few weeks to get flown in and that has necessitated us to start up some of the gensets but it’s not – limping along we’ve still got significant good power. But we really led to – and so our power efficiencies have improved substantially.

Are you going to have to spend much money this year on hydro power plant or is it the government’s responsibility?

Government has got lots of and they’ve just spent one on a big turbine they worked out that there is got a way for a while to get the gas into it. But I know there is quite a lot of capital going into Côte d’Ivoire gas power generation and hydro. And as part of the American led millennium infrastructure project which is West African wide initiative.

All right they have plenty of offshore gas and oil, they can…

They’ve got lots of gas they try to find more oil but they’ve lots of gas.

Finally I’ll say this past year despite a large decrease in the price of gold roughly 30% give or take, and your buildup of Kibali when you didn’t make any money while spending money for three quarters of the year or last year plus this year. You still made 11% on capital which in your case same as the return on equity you essentially have no leverage. You and I know there are plenty of companies that dream of making 10% on investments at higher gold price if Rumpelstilt come along and gives the money I would say without knowing exactly where the bottom of the down sweep of the cycle is we’re probably pretty close to make 11% near the bottom is highly commendable nice work guys.

Thanks, Howie.

You’re welcome.

We should make 20 because we had on 20.

Well on the up – on the half cycle you will make more than 20.

I think look at our cash flow we made $465 million in cash flow that’s why we were able to keep out of debt.

Exactly. Nice work again.

Thanks, Howie.

You’re welcome. That’s it.

Thank you. The next question comes from the line of [Claus Kliesner from Middlepool]. Please go ahead.

Hey, Mark, how are you? Claus here.

How is life Claus?

I just want to ask can you give us an idea as to – an insight as to how you derive your geopolitical ranking and such as the B that you mentioned earlier. And on that basis where would you rank Mali today and just from extraneous alternatives Zimbabwe and South Africa. And lastly would an exploration potential, highly significant exploration potential influence those rankings?

Absolutely, Claus. Our rankings start, look we use lots of different institutes but this our ranking which we published today and we do it every six months. It starts with geological potential, so the potential to make a 3 million ounce, 20% return at a $1,000 gold price discovered. So those countries I can list. – so they start as eight countries Mali, Senegal, Côte d’Ivoire, Mauritania, Ghana and DRC, South Sudan, Central African Republic, Tanzania and then we down grade that on politics. So some countries will start as a B geologically and stay there like Namibia for instance. It’s a good safe country, it’s well, it’s good mining codes, it’s got – it’s really done well since its independence. And so Senegal used to be our only A grade country, Mali and Ivory Coast used to be A and they both had big crisis and Ivory Coast went down to a C it’s come back up to a B same with Mali. Senegal we’ve just rewrite to a B because it just made a unilateral statement it’s going to review its mining code and it’s not an industry yet, it’s really it’s only a fledgling industry. And immediately that impacts on our future perception of where we deploy exploration dollar, so that’s why. We’ve got to work with the Senegalese government hopefully we will get something like we did with the Côte d’Ivoire government that really is attractive and we will rewrite it. South Sudan is another example of country that geologically is really perspective but politically it takes it down to a C where in the Central African Republic that’s a D. We don’t see Central African Republic politics, infrastructure, or fiscal and economic relief ever getting anywhere near a situation where we would invest in it.…

So then on that basis given that gold is currently averaging around 1250 why are you annually returning 11%, if 20% is your parameter at a thousand gold and everything is going well.

Because things change, Claus. You know there is inflation. We do it on a spot basis and it’s you know there’s inflation there’s you know we messed up things from time to time. It took us 2 years to get the underground work job and that’s what I have always said is you know when you invest in some southern Africa and in fact when you invest in any country in the gold industry it’s not a perfect size. And so you know our criteria ensures that we deliver real profitable businesses. It don’t take high calculation in one year for return on capital because we deliver better than that. It’s calculated on a certain set of assumptions but what’s no doubt in my mind is that if you look at everyone worrying about Randgold risk because we’ve invested in these countries I would suggest that if you were investing in the gold industry 7 years ago your biggest risk is management, not geographical location or geopolitical location and we’ve demonstrated I think beyond doubt that we’re able to deliver better returns than most of our peer group that claim they are not risk because they are enforceable jurisdictions. It’s a relative game we play and you know we do strive to that 20% return and I can point out to you that you know the Kibali project when we go back and run our numbers today and that’s five years later we get back to our original feasibility number and we’ve added few more extra ounces but we get back to those numbers. Tongon at this stage is not big because we’re not delivering what we planned to do but certainly if you go back to our original Loulo plan when we made that decision to invest that capital in Loulo remember all the capitals invested in Loulo not in Gounkoto. But we found Gounkoto and we have delivered much more than our original forecast on that project. So as you know Clarke I don’t have to lecture you on this. Give me another gold company that’s delivered the value we have.

Yeah, you are number one in my book Mark no doubt about it. I am just comparing it to your own internal parameters?

Yeah, but you have used Howie’s opinion as gospel.

Yeah. I will say that. Thanks Mark.

Thanks.

Thank you. We currently have no questions coming through. (Operator Instructions).

All right, thank you ladies and gentlemen. Really appreciate your time. As you know William and I will be in Bima in 10 days or two weeks’ time we’re going via we want a week in Kibali and a week in West Africa and then we’re off to Bima. And those people who can’t get to Bima we’ll hopefully catch you in New York. The New Yorkers that are not planning to go down to visit the sun and for those snow geeks who don’t leave the cold we’ll catch you in Toronto. Otherwise thanks for your time and see you soon.

Ladies and gentlemen thank you for attending this webinar. You may now disconnect your lines.