FORM OF SURRENDER. The undersigned surrenders to the Purchaser, effective at the Effective Time, all right, title and interest

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1 FORM OF SURRENDER For use by registered holders of common shares ("Common Shares") of Uranium One Inc. ("Uranium One"), other than the Purchaser and its affiliates, who hold such shares in certificated form and who are registered as such on the South African branch register ("South African Shareholders"). It is for use in connection with a proposed plan of arrangement (the "Arrangement") pursuant to section 192 of the Canada Business Corporations Act and related transactions involving Uranium One, Effective Energy N.V. (the "Purchaser") and JSC Atomredmetzoloto all as more particularly described in a management information circular posted to all shareholders and optionholders of Uranium One on February, (the "Circular"). The Arrangement is being submitted for approval at the special meeting of the shareholders and optionholders of Uranium One to be held on March, at 9:00 a.m. Toronto time (4:00p.m. Johannesburg time) in the Toronto Board Of Trade, First Canadian Place, 77 Adelaide Street West, Suite 350, Toronto, Ontario (the "Meeting"). South African Shareholders are referred to the Circular that accompanies this Form of Surrender. Capitalised terms used but not defined in this Form of Surrender have the meanings set out in the Circular. This Form of Surrender is attached for the convenience of South African Shareholders who may wish to surrender their documents of title prior to 12:00 p.m. (South African Time) on June, (the "SA Payment Record Date"). The Arrangement is subject to, among other things, the approval of the holders of the Common Shares at the Meeting or at any postponement or adjournment thereof, and, if approved, the Arrangement is currently expected to be completed in the second quarter of South African Shareholders should refer to the Circular for more information regarding conditions to the completion of the Arrangement and the expected time for completion of the Arrangement. In order to receive a cheque or electronic funds transfer representing the cash payment that a South African Shareholder is entitled to receive under the Arrangement, less any required tax withholdings, the South African Shareholders must return to Computershare Investor Services (Proprietary) Limited (by hand or courier: 70 Marshall Street, Johannesburg, 2001, South Africa, or by post: PO Box 61763, Marshalltown, 2107, South Africa) (the "South African Transfer Secretary"), by 12:00 p.m. (South African Time) on the SA Payment Record Date, this Form of Surrender, properly completed and executed, together with the other relevant documents of title, which, immediately prior to the Effective Time, represented outstanding Common Shares. To ensure timely delivery of the cheque or electronic funds transfer representing the payment to which you are entitled, it is recommended that you complete, sign and return this Form of Surrender with the accompanying documents of title to the South African Transfer Secretary as soon as possible, and preferably not later than 12:00p.m. Johannesburg time (5:00a.m. Toronto time) on the SA Payment Record Date. Whether or not a South African Shareholder delivers this Form of Surrender with the accompanying documents of title to the South African Transfer Secretary, on the Arrangement becoming effective, each South African Shareholder will cease to be a shareholder of Uranium One and will only be entitled to (i) receive payment to which such South African Shareholder is entitled under the Arrangement, without interest; or (ii) in the case of a South African Shareholder who properly exercises Dissent Rights (as described in the Circular), the right to receive fair value for the shareholder's Common Shares in accordance with the dissent procedures. The undersigned hereby acknowledges that the delivery of the Common Shares shall be effected and the risk of loss and title to such shares shall pass only upon proper receipt thereof by the South African Transfer Secretary. The undersigned will, upon request, execute any signature guarantees or additional documents deemed by the South African Transfer Secretary to be reasonably necessary or desirable to complete the transfer of the Common Shares. The undersigned surrenders to the Purchaser, effective at the Effective Time, all right, title and interest

2 in and to the Common Shares and irrevocably appoints and constitutes the South African Transfer Secretary lawful attorney of the undersigned, with full power of substitution to deliver the certificates representing the shares pursuant to the Arrangement and to effect the transfer of the shares on the books of Uranium One. Each authority conferred or agreed to be conferred by the undersigned in this Form of Surrender may be exercised during any subsequent legal incapacity of the undersigned, and all obligations of the undersigned in this Form of Surrender shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned. The undersigned agrees not to take any action in future which results in the termination of the authority conferred herein. It is understood that the undersigned will not receive payment in respect of the Common Shares until the certificate(s) representing the Common Shares owned by the undersigned, if applicable, are received by the South African Transfer Secretary at the address set forth above, together with such additional documents as the South African Transfer Secretary may require, and until the same are processed for payment by the South African Transfer Secretary. It is further understood that in no circumstances will interest accrue or be paid on the Consideration payable in respect of the Common Shares in connection with the Arrangement. The undersigned further represents and warrants that the payment of the Consideration in respect of the Common Shares will completely discharge any obligations of the Purchaser and the South African Transfer Secretary with respect to the matters contemplated by this Form of Surrender. Instructions 1. Part A and Part B must be completed by all South African Shareholders who return this form. 2. If this Form of Surrender is returned with the relevant documents of title, it will be treated as a conditional surrender, which is made subject to the Arrangement becoming operative. In the event of the Arrangement not becoming operative for any reason whatsoever, the South African Transfer Secretary will, within five Business Days of the date upon which it becomes known that the Arrangement will not become operative, return the documents of title to the South African Shareholders concerned, by registered post, at the risk of the Arrangement participants. 3. Part C must be completed by South African Shareholders who are emigrants from or nonresidents of the common monetary area (comprising the Republics of South Africa and Namibia and the Kingdoms of Lesotho and Swaziland) and non-residents whose documents of title are restrictively endorsed and who wish to have their Consideration paid to a nominated authorised dealer in the Republic of South Africa. 4. Part D must be completed by South African Shareholders who wish to have the Consideration electronically transferred into their bank accounts. 5. A separate Form of Surrender is required for each South African Shareholder. 6. Persons who acquire Common Shares on the JSE after February 01, 2013, by reason of the 5 Business Day trade settlement period, will not be reflected as shareholders of Uranium One on February 08, 2013 (being the record date for determining the shareholders of Uranium One who are entitled to receive notice of, and to attend and vote at, the Meeting). As such Persons who have acquired shares in Uranium One after February 01, 2013, can obtain copies of the Form of Surrender and the Plan of Arrangement from the South African Transfer Secretary.

3 Dear Sirs, PART A -- To be completed by ALL South African Shareholders who return this form. Surname or Name of corporate body First names (in full) Title (Mr, Mrs, Miss, Ms, etc.) Address to which the Consideration should be sent (if different from registered address) Postal code Signature of South African Shareholder Stamp and address of agent lodging this form (if any) Assisted by me (if applicable) (State full name and capacity) Date 2013 Telephone number (Home) ( ) Telephone number (Work) ( ) Cellphone number PART B - To be completed by ALL South African Shareholders who return this form. I/We hereby surrender and enclose the share certificate/s, certified transfer deed/s and/or other documents of title, details of which have been completed below, in respect of my/our holding of Common Shares, conditional upon the Arrangement being implemented: Documents of title Certificate number(s) Number of Common Shares covered by each certificate Total PART C - To be completed by emigrants from the common monetary area and non-residents whose documents of title are restrictively endorsed and who wish to have their Consideration paid to a nominated authorised dealer in the Republic of South Africa. Nominated authorised dealer in the case of a South African Shareholder who is an emigrant from or a non-resident of the common monetary area (see note 1 below) Name of dealer Account number Address Postal code If no nomination is made by emigrants, or Part C is improperly completed, the Rand equivalent of the Consideration payable to him will be held in trust by the South African Transfer Secretary. If no

4 nomination is made by non-residents, the Rand Equivalent of the Consideration will be forwarded to them at their own risk, at their addresses recorded in the register. PART D - To be completed by South African Shareholders who wish to have the Consideration electronically transferred into their bank accounts. Completion of this Part D constitutes an instruction to the South African Transfer Secretary to make payment of the Consideration via an electronic funds transfer (see note 13 below). Name of bank account holder Account number Name of bank Branch Branch code Type of bank account (cheque, savings, transmission, etc.) The Consideration will only be electronically transferred if Part D is properly completed and this form is returned to the South African Transfer Secretary, together with the documents of title, to be received on or before the SA Payment Record Date. Notes: 1. A person whose registered address in the share register is outside the common monetary area, or whose Common Shares are restrictively endorsed should nominate an authorised dealer in Part C of this form. 2. Any alteration to this Form of Surrender must be signed in full and not initialled. 3. If this Form of Surrender is signed under a power of attorney, then the power of attorney, or a notarially certified copy thereof, must be sent with this form for noting (unless it has already been noted by Uranium One or its South African Transfer Secretary). 4. Where the South African Shareholder is a company or a close corporation, unless it has already been registered with Uranium One or its South African Transfer Secretary, a certified copy of the directors or members resolution authorising the signing of this Form of Surrender must be submitted if so requested by Uranium One. 5. Note 4 does not apply in the event of this form bearing a recognised JSE Securities Exchange South Africa broker s stamp. 6. Where there are joint holders of any Common Shares, only that holder whose name stands first in the register in respect of such shares need sign this Form of Surrender. 7. If a certificate representing Common Shares has been lost, stolen or destroyed, this Form of Surrender should be completed as fully as possible and forwarded together with a letter describing the loss to the South African Transfer Secretary. The South African Transfer Secretary will respond with the replacement requirements (which may include a guarantee requirement) for payment of the Consideration in accordance with the Arrangement. 8. No receipts will be issued for documents lodged, unless specifically requested. In compliance with the requirements of the JSE, lodging agents are requested to prepare special transaction receipts. Signatories may be called upon for evidence of their authority of capacity to sign this form. 9. If the space on this Form of Surrender is insufficient to list all certificates and/or documents of title for Common Shares, such additional information may be included on a separate signed list affixed to this Form of Surrender. 10. If Common Shares are registered in different forms (eg "John Doe" and "J Doe") a separate Form of Surrender should be signed for each different registration.

5 11. The Purchaser reserves the right, if it so elects in its absolute discretion, to instruct the South African Transfer Secretary to waive any defect or irregularity contained in any Form of Surrender received by it. 12. It is strongly recommended that prior to completing this Form of Surrender, the undersigned read the accompanying Circular and discuss any questions with a tax advisor. 13. In the event that a South African Shareholder elects to receive payment of the Consideration by way of electronic funds transfer (which election shall be exercised by the South African Shareholder's completion of Part D of this Form of Surrender), the South African Transfer Secretary shall in no way be liable for any reliance by it on the correctness of the details set out therein. For the avoidance of doubt, the South African Transfer Secretary shall, if elected, make payment pursuant to, and in accordance with, the details provided in Part D, which payment will be made at the South African Shareholder's sole risk.