Caledonia Mining Corporation ("Caledonia") is incorporated in Canada and exists pursuant to the provisions of the Canada Business Corporations Act. The rights of the shareholders of Caledonia may be different in certain respects from the rights of shareholders of a company incorporated in the United Kingdom or other jurisdictions.

Caledonia has 500,169,280 shares issued. The Directors and Officers hold 263,769 of the issued shares of Caledonia - being less that 0.05% of the total number of issued shares. The remaining 99.95% of the issued shares are in public hands

There are no restrictions on the transfer of Caledonia’s issued Shares.